Stablecoin Update �October 2025

Executive Overview

• Overall, stablecoin supply surged 75% year-over-year, now exceeding $300 billion, driven primarily by growth on Ethereum, Tron, and BNB Chain despite a $5 billion contraction in Ethena’s USDe.
• USDC and USDT continue to dominate with ~85% market share,
• New entrants such as GAIB AI and Phantom CASH signal strong demand for private-credit-like stablecoin instruments.
• Payments activity rose sharply — stablecoin settlements reached $136 billion YTD
• B2B transactions up 113% since February; Tether maintains 79% share while USDC climbs to 21%.
• Tron leads in global payment flows (48% share), followed by Ethereum’s 11-point gain; P2P markets in CNY and NGN grew over 100% YoY, underscoring stablecoins’ role in off-ramping.
• Non-USD stablecoins surpassed $500 million in supply, with Euro-denominated tokens (EURC, EURS) commanding > 85% of that segment.
• Tokenized gold supply nearly doubled YTD, nearing 1 million troy ounces, reflecting diversification beyond fiat-backed assets.

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General Overview

Stablecoin Supply Up 75% Y/Y; Now Over $300bn in Supply

• Stablecoin supply is up 75% Y/Y as overall supply is now over $300bn
• Ethereum, Tron and BNB lead chains for increases in supply
• The $5bn decline in USDe hindered growth for the overall market

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Source: Artemis

Ethereum Gains An Another $6bn; Plasma/Hyperliquid Fall

• Once again, Ethereum was the largest gainer of stabecoin supply with over $6bn in inflows
• Plasma and Hyperliquid saw outflows of their ecosystems

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Source: Artemis

USDC/USDT Maintain Share at 85% of Supply

• Circle and Tether have increased their share slightly in October as Ethena’s drop in supply favored Tether

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Source: Artemis

USDC/USDT Are Top Gainers in October

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Source: Artemis

Binance Gains Stablecoin Supply Across Many Chains

• Binance continues to gain stablecoins across all chains and types, while Maker/SKY supply increased by 25% M/M

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Source: Artemis

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USDT

USDe

USDC

DAI

GAIB USDC Leads Supply for New Stablecoins

• GAIB AI, a protocol for funding GPUs started deposits that filled quickly, continuing a strong demand for private credit like stablecoins
• Phantom’s CASH gathered $75mn in its first weeks

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Source: Artemis, Coingecko

Artemis Payment Survey Update

Stablecoin Payments Increase 70% Since Feb 2025

• Stablecoin payments climbed from $6.0B in February to $10.2B in August, a 70% increase.
• In total, more than $136B in payments have been settled
• Since February, B2B volume grew 113%, reaching $6.4B/month and representing nearly two-thirds of all stablecoin payments

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USDT Continues to Have Significant Share of Payments

• Tether continues to dominate with a 79% share, but Circle’s USDC is gaining ground, increasing from 14% to 21% since February

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Ethereum Gains Ground on TRON in Payments

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• Polygon/BNB have gained a small share and are about 4% each of payments
• Tron continues to lead global flows at 48%, while Ethereum has bolstered its position, up 11%.

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Emerging Trends

CNY And NGN leading P2P Markets by volume

• CNY and NGN are leading currencies in the P2P market, with transaction volumes rising by 183% and 95% YoY

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Binance and Bybit leading P2P Markets by Volume

• Binance and Bybit P2P Markets volume rose 54% and 117% YoY respectively
• After Binance was removed in Nigeria, ByBit gained share by facilitating a significant amount of stablecoin volume

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X402 Volumes Small, but Growing

• Daily volume of x402 protocol is nearing $1mn as numerous facilitators and agents come onboard
• Transaction sizes are small, at around $0.97 per txn, showcasing interesting use cases for micropayments

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Source: Artemis

Non-USD Supply Passes $500mn in Supply

• The overall stablecoin market is still primarily dominated by USD, but Non-USD stablecoins have seen growth
• Almost all of the supply is coming from Euro denominated stablecoins, including Circle’s EURC and Statsis EURS

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Source: Artemis

Euro Stablecoins Have Expanded their Lead

• Euro denominated stablecoins have over 85% share of the market and have been increasing since Jan 2024

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Source: Artemis

Yields on Stablecoins Decline And Now Hover Around 4%

• After remaining flat in Q3, stablecoin yields have declined across the board around October and now hover near 4%

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Source: Artemis

Circle Grows on Centralized Exchanges

• USD/Stablecoin exchange volumes shifted back to Tether as FDUSD lost share
• USDC has maintained share after the supply has significantly grown on Binance

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Source: Artemis

Tokenized Gold Nears 1mn Troy Oz as Supply Surges

• The amount of tokenized gold has nearly doubled since the start of the year as Tether and Paxos are the large drivers

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Source: Artemis

Artemis Updates

Fintech Nerdcon - Miami, Nov 19th

• Artemis will be speaking on adoption taking off and where is it still stalling with stablecoins
• We’ll dig into the numbers, examine the use cases driving real volume, and unpack the bottlenecks that continue to hold adoption back
• Register below

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Full List of Upcoming Events

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Questions/Contact Us

Twitter: https://x.com/artemis

Email: team@artemis.xyz

Telegram: elbarto_crypto

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