The stablecoin market has seen strong expansion over the past year, with total supply climbing 72% to nearly $300 billion, according to data analytics platform Artemis.
Much of this growth has been focused on Ethereum and Solana, with the recent launch of Plasma marking a significant milestone. More than $6 billion worth of stablecoins were issued on the network in its first week, setting a record for a new chain debut, Artemis said in Wednesday’s report.
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the US dollar or gold. They play a major role in cryptocurrency markets, providing payment infrastructure, and are also used to transfer money internationally. Tether’s USDT is the largest stablecoin, followed by Circle’s USDC.
The dominance of Tether’s USDT and Circle’s USDC (CRCL) remains clear, as both tokens continue to account for over 85% of the market, the report states. However, their grip has loosened slightly as competition intensifies from emerging issuers and new platforms.
The rise is not just a question of supply. An expanded set of use cases that reflects the growing role of stablecoins in the financial system, Artemis said. One example is USD AI, which introduced a model for deposits to fund GPU loans for artificial intelligence (AI) companies, turning stablecoin holdings into a private credit-like yield instrument.
Plasma’s massively oversubscribed issuance highlights how quickly new networks can generate liquidity, the report said, while MiniPay’s growth on Celo signals a rebound in retail adoption, with transaction volumes rising sharply in 2025.
This expanded utility also blurs the line between stablecoin platforms and banks. Artemis noted that Squads now secures over $2 billion in assets, representing 15% of Solana’s total stablecoin supply. Meanwhile, RAIN’s Series B round is helping drive card-related stablecoin spending closer to $1 billion.
Even centralized exchanges are starting to resemble neobanks, with platforms like Binance, OKX and Coinbase (COIN) offering payment rails, debit cards and savings tools anchored in stablecoins, the report adds.
Artemis framed this change as part of a broader structural evolution. Stablecoins are no longer just a tool for crypto traders, but an emerging financial layer that increasingly reflects core banking functions.
Learn more: Stablecoins will disrupt cross-border payments, says investment bank William Blair
