Stablecoin Market Hits $233B as USDC Gains Ground
Key Takeaways
– The total volume of all stablecoins reached approximately USD 233 billion in early April 2025.
– Tether (USDT) and USD Coin (USDC) dominate the market with a combined share of over 90%.
– USDT holds a 63% market share with a market capitalization of over USD 144 billion.
– USDC stands at USD 59 billion and is gaining momentum due to a planned IPO.
– Ethereum remains the leading platform for stablecoins, while Tron is catching up.
– Exchange activity is declining despite growing supply – a possible signal of market shifts.
Stablecoins on a Growth Trajectory
In the first quarter of 2025, the stablecoin market experienced significant growth. Between January and early April, the total volume rose from USD 206 billion to USD 233.47 billion – an increase of 9.61%. The data shows that stablecoins are increasingly being used by institutional players, particularly to provide liquidity on the blockchain.
Market Concentration in USDT and USDC
Two stablecoins dominate the market:
– USDT (Tether) with over USD 144 billion in market capitalization (63% market share)
– USDC (USD Coin) with USD 59 billion (27% market share)
Together, they control over 90% of the entire stablecoin market. Other providers like DAI, FRAX, or TUSD account for less than 10% combined – a clear sign of strong centralization in this sector.
USDC Gains Momentum with Planned IPO
Circle, the company behind USDC, plans to go public on the New York Stock Exchange under the ticker “CRCL.” Backed by major banks like JPMorgan and Citigroup, Circle is targeting a valuation of around USD 5 billion. Despite a 42% drop in net profit, the company remains optimistic – supported by the growing market environment for stablecoins.
Ethereum Leads, Tron Gains Ground
Most stablecoins continue to run on Ethereum – with a share of 53.39%. Tron follows with 28.55%. Other networks such as Solana, Binance Smart Chain (BSC), Base, and Arbitrum share the remainder. This distribution reflects increasing specialization among blockchains: while Layer-1 networks like Ethereum dominate, Layer-2 solutions are gaining importance.
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Falling Exchange Activity Despite Growing Supply
Although the supply of stablecoins is increasing, trading activity on crypto exchanges is declining.
– In February 2025, trading volume reached over USD 106 billion (inflows and outflows).
– March saw a net outflow of USD 2.9 billion – the steepest decline of the quarter.
– In April, trading volume plummeted by over 80%.
Individual days like March 31, with an outflow of USD 1.54 billion, show that large movements are still possible – but less frequent.
Our Assessment
If you’re a crypto user or casino player interested in digital payment methods, this development is relevant. Stablecoins like USDT and USDC are considered stable, fast, and widely accepted means of payment – including at many crypto casinos. However, the increasing centralization around two providers could pose risks, such as regulatory intervention or technical issues.
At the same time, the decline in exchange activity suggests that many investors may be opting to hold long-term or realize profits. For you, this means: don’t just monitor market capitalization, but also the actual usage of stablecoins in daily life and practice – especially for payments and deposits or withdrawals in online casinos.
It remains to be seen whether the market will continue to centralize or if new providers and networks will gain importance.
Sources
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