Stablecoins are surging back into the DeFi spotlight! July witnessed a record-breaking month for on-chain stablecoin volume, hinting at a powerful revival in decentralized finance. Sentora, the on-chain data gurus formerly known as IntoTheBlock, dropped the mic with this revelation on X.
July saw stablecoins shatter records, blasting past $1.5 trillion in volume, according to Sentora. The digital dollar’s dominance eclipsed previous peaks, leaving May’s $1.39 trillion and April’s $1.44 trillion in the dust.
The on-chain stablecoin market is blazing a trail, shattering records since 2025 began. After a relatively quiet start with $950 billion settled in January, volumes exploded. Bucking the winter chill of January and February, every subsequent month witnessed a torrent of stablecoin settlements exceeding $1.2 trillion, marking a powerful and sustained upswing. The chart doesn’t just show numbers; it screams momentum.
Stablecoins monthly on-chain volume (Source: Sentora)
August is off to a blistering start, with on-chain volume already nearing $200 billion in the first five days. Buckle up, because at this rate, we’re staring down the barrel of a $1.2 trillion month.
Stablecoins are surging! Experts point to a DeFi boom, with on-chain volume spiking. DeFiLlama reports a 24-hour TVL jump of over 3%, hitting a staggering $137.33 billion – signaling serious money moving into decentralized finance.
Ethereum’s engine is roaring, fueling a DeFi renaissance. Network performance and ETH’s price surge have reignited investor passions, pushing DeFi to a staggering three-year peak of $179 billion this week, Sentora data confirms. Liquid staking protocols and ETH’s climb towards $4,000 are the rocket boosters behind this financial surge.
USDC dominates on-chain stablecoin transactions
Stablecoins surge past a new peak, signaling their mainstream ascent and dominance in blockchain transactions. Fueling this rise, the GENIUS Act in the US has officially recognized these fiat-backed tokens, solidifying their critical role in the evolving financial landscape.
Imagine a DeFi landscape in 2025 where Circle’s USDC reigns supreme. Dominating on-chain stablecoin volume, USDC orchestrates almost half (40-48%) of all DeFi transactions involving stablecoins. Tether’s USDT, a familiar contender, captures a significant, yet smaller, slice of the action, typically between 20-27%. Meanwhile, MakerDAO’s DAI carves out a notable presence, fluctuating between 17-33%, adding its own unique flavor to the stablecoin symphony.
USDC reigns supreme in the on-chain stablecoin arena, leaving USDT and DAI trailing after periods of their own dominance. While these titans once battled for the top spot, USDC now firmly holds the crown. Together, these three control over 90% of monthly on-chain stablecoin volume. Ethena’s USDe, a newcomer, is the only contender showing real promise, carving out a respectable 3% share.
USDT is staging a DeFi comeback. Forget whispers of decline on-chain usage is surging. Aave is ground zero for the resurgence, absorbing USDT like never before. We’re talking a staggering 123% jump this year alone. The total? A tidal wave of nearly $7.5 billion reshaping the DeFi landscape.
Stablecoin supply inches close to $370 billion
USDC may rule the blockchain, but USDT still wears the crown. Commanding a staggering $164.70 billion market cap and growing at a rate of 3.28% in the last month alone, Tether’s flagship stablecoin lords over the crypto landscape with a dominant 61.41% share.
USDT reigns supreme with a staggering $110.4 billion in circulation, dwarfing USDC’s $63.85 billion. At its current pace, USDC’s growth seems unlikely to challenge USDT’s dominance. Meanwhile, the up-and-coming Ethena USDe ($9.517 billion), Sky Dollar USDS ($4.87 billion), and Dai ($4.33 billion) are carving out their own niches in the stablecoin landscape.
USDe is surging! This stablecoin has exploded with a 79.47% growth in the last month, leaving most competitors in the dust. Only Falcon USD (USDf), rocketing from $552 million to a staggering $1.09 billion (a 102% jump!), has outpaced USDe’s meteoric rise. What’s fueling this stablecoin showdown?
Stablecoins are booming! The market just ballooned by $13.2 billion in the last month alone, pushing the total value to a staggering $268.20 billion. That’s double what it was just a year ago! And with regulations finally starting to take shape, expect this rocket ship to keep climbing.
The SEC just threw a lifeline to certain USD stablecoins, signaling a potentially brighter future for digital finance. Recent guidance allows fully backed, redeemable stablecoins to be recognized as cash equivalents, offering much-needed clarity amidst regulatory uncertainty. Think of it as a green light, however preliminary, illuminating a path forward while the industry awaits broader, more comprehensive regulations.
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