Glassnode has observed that the circulating supply of stablecoins has escalated by $16.97 billion since the onset of 2025.
In Brief
The analysis from Glassnode highlights an increase in the circulating supply of stablecoins, which has progressed from $194.2 billion to $211.2 billion. This suggests a notable revival in liquidity growth following a phase of stagnation.
A cryptocurrency analytical company has released findings indicating that the circulating supply of stablecoins has increased by $16.97 billion since early 2025, moving from around $194.2 billion to nearly $211.2 billion. Interestingly, this growth was not uniform, experiencing a slowdown early in the year, but showed marked improvement in February. Glassnode The report details a robust growth pattern observed in late 2024, where stablecoin supply expanded by about $450 million daily through November and December. However, by January 2025, this rate decreased to around $400 million daily. In a positive turn, February witnessed a remarkable rebound, with daily increases hitting $541 million. Key players in this surge include USDT, USDC, USDE, DAI, FDUSD, PYUSD, TUSD, and FRAX.
A notable uptick in momentum occurred in mid-January when the 7-day moving average transcended the 30-day simple moving average (SMA), signaling a rise in short-term demand. This indicates a renewed wave of liquidity expansion following a period of slower growth.
This change indicates a strong comeback in liquidity growth after experiencing a period of reduced expansion. Glassnode With the market capitalization of stablecoins exceeding $200 billion, their rising importance in the financial ecosystem is clearly highlighted.
Additionally, data sourced from Alphractal shows that the overall market cap of stablecoins has recently hit a record high, following a continuous growth phase since the middle of 2023. The market capitalization skyrocketed by 73%, going from $121.18 billion in August 2023 to a remarkable $211 billion by the end of January 2024, with USDC notably outperforming other stablecoins in terms of market share.
When assessing the growth in stablecoin market capitalization, excluding Tether’s USDT and USDC, the increase has been more modest since 2024. This suggests that USDT and USDC continue to retain their positions as the leading stablecoins.
USDT, holding the title of the largest stablecoin by market capitalization, reached a historic high of $140 billion in December 2023. As of the latest data from ConMarketCap, it currently enjoys a market cap of $141.9 billion.
A new projection from HashKey Group indicates that the market capitalization of stablecoins may soar to $300 billion by the end of 2025, driven by various market dynamics.
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