According to stablecoin data from the recently released ARK Invest report on the crypto market:
Year-to-date, the combined market share of the two major stablecoins, USDC (Circle) and USDT (Tether), has slightly declined from 93% to 89%.
USDe (Ethena Labs) and PYUSD (PayPal) were the fastest-growing stablecoins this quarter, with their supplies increasing by approximately 68% (reaching $14 billion) and ~135% (reaching $2.4 billion), respectively.
The Ethereum network's share of the stablecoin supply increased from 51% to 55%, while Tron's share decreased from 32% to 26% quarter-over-quarter.
User Base: The cumulative number of addresses that have interacted with stablecoins reached 192 million, with USDT leading at 115 million addresses.
Transaction Volume: Quarterly stablecoin transaction volume has grown 43% year-to-date, approaching $9 trillion in Q3 2025.
Network Landscape: Ethereum and its Layer 2 ecosystem remain the primary hub for stablecoin transactions, accounting for 48% of the total volume, while Tron leads in emerging market activity with Tether (USDT) distribution.
Circulation Efficiency: USDC's volume-to-supply ratio ($64) significantly exceeds that of its closest competitor, DAI ($25), by approximately 163%.
Peak per Token: DAI and USDC reached their peak transaction volumes per token in Q3 2024 and Q2 2024, at approximately $109 and $95, respectively.
Usage Differences: Despite its larger supply and user base, USDT's velocity is less than one-third of USDC's, primarily due to its use in emerging markets where the average transaction size is low.
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