In May 2025, the stablecoin market reached a new high, with total supply climbing to $244 billion—a nearly 3% increase in just one month. This growth signals a shift in how people and businesses are using digital dollars, as stablecoins become a preferred tool for fast, low-cost payments and value transfers across the crypto ecosystem .
Stablecoins Take Center Stage in Crypto Payments
More than 33 million wallets sent or received stablecoins in May, according to Artemis data. This marks a significant uptick in user activity, reflecting a broader move away from traditional cryptocurrencies for everyday transactions. Stablecoins, which are digital assets pegged to the US dollar or other stable assets, are increasingly favored for their price stability and ease of use .
Why Are Stablecoins Gaining Traction?
• Low Fees and Fast Transactions: Networks like BNB Smart Chain and TRON saw over 10 million and 9 million active wallets, respectively, handling stablecoin transactions in early May. These platforms offer lower fees and quicker settlements compared to older blockchains like Ethereum, making them attractive for both individual users and businesses .
• Market Confidence: As the broader crypto market shows signs of recovery, more users are turning to stablecoins to manage risk and maintain exposure to the US dollar without leaving the blockchain environment .
Tether (USDT) Leads the Pack
Tether’s USDT remains the dominant stablecoin, adding nearly $4 billion to its supply in May alone. Most of this new USDT was issued on the TRON network, which now holds about $78 billion in USDT, slightly ahead of Ethereum’s $73 billion. In total, USDT’s supply has surpassed $153 billion, with new tokens entering circulation almost daily .
Meanwhile, USDC saw a slight dip in supply, mainly due to outflows on the Solana network, but still maintains around $60 billion across all supported blockchains .
Stablecoins Outpace Traditional Payment Cards
Stablecoins are not just growing in supply—they are moving massive amounts of value. In the past 30 days, stablecoins facilitated over $2 trillion in transactions, surpassing the volumes processed by major debit and credit card networks like Visa during the same period . This highlights the increasing role of stablecoins in global payments, especially for cross-border transfers and decentralized finance (DeFi) activities.
Cross-chain activity is also on the rise. The CCTP bridge, which allows users to move USDC between different blockchains, saw $7.7 billion in volume in May—an 83% increase from the previous month .
What’s Next for Stablecoins?
The rapid adoption of stablecoins is reshaping the digital payments landscape. As regulatory clarity improves and more financial institutions explore digital assets, stablecoins are poised to play an even larger role in both crypto and traditional finance . However, ongoing discussions around transparency, consumer protection, and compliance will be crucial for sustainable growth.
