Every month, we’re diving deep into the state of stablecoins. There’s a lot going on here and no single source of truth for people to stay up to date. So we’re sharing the biggest developments and use cases as well as what’s happening onchain – all in one place.
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Top Stablecoin Stats
Total market cap: $298.51B (+0.63%)
Monthly transfer volume: $10.02T (-1.25%)
Monthly active addresses: 53.7M (+8.18%)
Total holders: 231.2M (+5.68%)
USDT: $185.16B (-1.13%)
USDC: $74.93B (+6.47%)
USDS: $11.23B (+7.77%)
USDE: $6.07B (-8.31%)
USD1: $4.54B (-8.63%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
What Caught Our Eye
Circle, the issuer of the USDC stablecoin, reported better-than-expected revenue and profit in the fourth quarter, as crypto investors continued to buy stablecoins despite crypto prices plummeting towards the end of last year..
Anchorage Digital launched Stablecoin Solutions for Banks, a platform that lets international banks mint, transfer and custody USD-backed stablecoins.
Theo launched thUSD, a yield-bearing stablecoin backed by gold, rather than traditional USD-denominated assets like treasuries or bank deposits.
Startale Group and SBI Holdings unveiled JPYSC, a trust bank-backed Japanese yen stablecoin issued by Shinsei Trust & Banking.
Stripe’s 2025 annual letter details how 2025 proved a stellar year for stablecoins, with payments volume doubling to around $400 billion, of which B2B payments accounted for about 60%. The company also credited stablecoins as one of the major reasons fintech companies across the world are expanding globally.
Quote of the Month:
If you think about stablecoins and the ability to provide a lower cost of capital, and pass that on to the consumer, Ethereum is the backbone of stablecoin and blockchain. We're a big fan of Ethereum and we think DeFi movement is really important and the benefits that it brings consumers in greater access, democratization, lower cost of capital, the ability to move capital around the world in a safe and secure way
A Chart Worth Checking Out:
Tron, the second-largest network in terms of stablecoin market cap, hit a new high of $86B in February.
10 Stablecoin Developments In February
Decibel launched its own stablecoin, usDCBL, fully backed 1:1 by U.S. dollars held in cash and short-term Treasuries. The stablecoin is meant to be used as collateral, allowing users to receive returns from their deposits.
MoonPay launched Virtual Accounts, which automatically converts fiat to stablecoins upon payment
Grupo Braza expanded its Brazilian real stablecoin, BBRL, to Polygon
Rumble Wallet integrated USAT so streamers and creators can get paid in stablecoins
MoonPay and M0 launched PYUSDx, a stablecoin backed by PayPal USD that’s designed to provide interoperability and liquidity for protocols that wish to launch their own stablecoins
Reflect Money released a white-label stablecoin product that lets developers create their own yield-bearing stablecoin for direct distribution
Cardano connected to Circle’s xReserve, which lets developers and users access USDC liquidity across supported chains
Barclays plans to launch a blockchain platform for payments and deposits that may include stablecoins and tokenized deposits
Sui deployed its suiUSDe synthetic stablecoin, in collaboration with Ethena, for use across its DeepBook Margin trading, lending, and margin systems
Visa and Stripe-owned stablecoin firm Bridge plan to expand their stablecoin-linked card issuance product.
Want to learn more?
Nick van Eck, co-founder and CEO of Agora, spoke on the Talking Tokens podcast about how the company's white-label model allows partners to launch branded stablecoins on top of AUSD
Jack McDonald, SVP of Stablecoins at Ripple, gave a explained stablecoin basics on the National Cryptocurrency Association podcast
Tether is hosting a $30K hackathon around WDK, its open-source wallet infrastructure for building self-custodial, multi-chain financial apps
This is the State of Stablecoins. February Edition.
This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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