Glassnode: Stablecoin Circulating Supply Increases By $16.97B Since Start Of 2025
In Brief
Glassnode notes that the circulating supply of stablecoins has risen from $194.2 billion to $211.2 billion, indicating a resurgence in liquidity expansion after a period of slower growth.
Cryptocurrency market analytics firm Glassnode published a report indicating that the circulating supply of stablecoins has risen by $16.97 billion since the start of 2025, increasing from approximately $194.2 billion to about $211.2 billion. This growth, however, has not been consistent, as the rate of expansion slowed in early 2025 before experiencing a pickup in February.
The analysis revealed that throughout November and December 2024, stablecoins were growing by roughly $450 million per day. This growth rate declined to approximately $400 million per day in January 2025, but February saw a notable recovery, with daily growth reaching $541 million. The stablecoins involved in this growth include USDT, USDC, USDE, DAI, FDUSD, PYUSD, TUSD, and FRAX.
Additionally, momentum increased in mid-January when the 7-day moving average (SMA) surpassed the 30-day SMA, indicating heightened short-term demand. Glassnode suggests this shift signals a resurgence in liquidity expansion following a period of slower growth.
Stablecoin Market Cap Surpasses $200B, Highlighting Their Growing Significance
Meanwhile, according to data from Alphractal, the stablecoin market capitalization has recently reached an all-time high following a sustained period of growth since mid-2023. The market cap surged by 73%, rising from $121.18 billion in August 2023 to a peak of $211 billion by the end of January 2024. During this period, USDC has gained traction, surpassing other stablecoins in market share.
When examining the market capitalization of stablecoins, excluding Tether’s USDT and USDC, the growth has been more moderate since 2024. This indicates that USDT and USDC continue to dominate the stablecoin market, remaining the two most widely preferred options.
USDT, the largest stablecoin by market cap, reached a record high of $140 billion in December 2023. As of the time of writing, its market cap stands at $141.9 billion, according to data from ConMarketCap.
A recent forecast by HashKey Group suggests that the market capitalization of stablecoins could reach $300 billion throughout 2025, driven by accelerating adoption.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
