The Stablecoin market underwent a sharp expansion last year, with a total supply of 72% up to nearly $ 300 billion, according to the Artemis data analytics platform.
Most of that growth has been concentrated in Ethereum and Solana, along with the recent launch of Plasma Scoring a milestone. More than $ 6 billion in Stablecoins was issued on the network in the first week, setting a note for a new chain debut, Artemis said in a Wednesday report.
Stablecoins are cryptocurrencies that the value is tied to another owner, such as the US dollar or gold. They play a major role in cryptocurrency markets, which provides payment infrastructure, and are also used to transfer money worldwide. Tether’s USDT is the largest stablecoin, followed by the USDC of the Circle.
The dominance of the USDT and Circle’s (CRCL) USDC remains clear, while the two tokens continue to have more than 85% of the market, the report said. However, their grip was slightly eased as the competition lasts from emerging providers and new platforms.
Advancement is not just about supply. An expansion of the range of use cases reflects the expansion of the role of stablecoins in the financial system, Artemis said. An example is the USD AI, which introduces a model that allows deposits to fund GPU loans for artificial intelligence companies (AI), which becomes stablecoin holders with a private-credit-like instrument.
Plasma’s Massively oversubscribe release Underscores how fast new networks can bootstrap liquidity, the report said, as Minipay’s growth in Celo signed a rebound in retail adoption, with volume transactions rising dramatically in 2025.
That widening utility also faded the line between the stablecoin and banks platforms. Artemis noted that the squads are now gaining more than $ 2 billion in the properties, representing 15% of Solana’s total stablecoin supply. Meanwhile, Rain’s Series B Round helps to expand stablecoin-linked card spending, which closes to $ 1 billion.
Although centralized exchanges begin to resemble neo-bank, with platforms such as Binance, OKX and Coinbase (Coin) that offer payment metals, debit cards, and saving tools anchored to Stablecoins, the report added.
Artemis has confirmed this change as part of a broader structural evolution. Stablecoins are no longer just a tool for crypto entrepreneurs, but an emerging financial layer that further reflects the functions of banking banking.
Read more: Stablecoins will interfere with cross-border payments, says investment bank William Blair
