On January 31, 2025, a report from CEX.io revealed that stablecoin transfer volumes reached an astounding $27.6 trillion in 2024, surpassing the combined transaction volumes of Visa and Mastercard by 7.68%. This remarkable increase underscores the growing adoption of stablecoins in the global financial ecosystem.
Despite a 13.5% drop in market share, stablecoins expanded their supply by 59%, reaching over $200 billion and representing 1% of the total US dollar supply. The surge in volume was significantly driven by bot activity, which accounted for 70% of all stablecoin transactions, particularly on networks like Solana and Base.
Ethereum and Tron continued to dominate the stablecoin market, holding over 83% of the total market share by year-end, although their combined share decreased from 90% at the start of the year. Ethereum's stablecoin market cap surged by 65%, driven by reduced transaction fees and increased activity following the U.S. elections.