📝 Editor’s Note:

On a red hot week for crypto prices, welcome to part one of a two-part series covering stablecoins. While most stablecoin holders likely wished they were holding non-pegged tokens, this was arguably a good week for the less-volatile digital assets as well.

Case in point, the payments giant Stripe announced Stablecoin Financial Accounts, which allows people in over 100 countries to easily set up an account which sends and receives stablecoins. News also hit that Meta, is exploring integrating stablecoins into its platforms.

It wasn't all positive this week for stablecoins however — in the U.S. the GENIUS act, a bipartisan bill which would clarify the law surrounding dollar-pegged assets, did not pass the Senate.

Still, according to the onchain data, stablecoin supply is marching slowly upward, now moving well-past a collective $230B market capitalization, according to CoinGecko. For context, that's just over 1% of the $21T current M2 supply of dollars, according to FRED.

99% to go. Let's get into it.

– ON Editorial Team

USDT | USDS | EURe | USR

• As an asset class, stablecoins outgrew cryptoassets over the past year. The stablecoin market cap is up 44.76%, while the cryptoasset market cap is up 24.13% from a year ago. Further, the chart below shows that the stablecoin market cap growth was achieved with meaningfully lower volatility compared cryptoassets.

• As a category, stablecoin holders have grown the most in the $100B+ asset peer group since the start of the year. The stablecoin holder count is up 16.71%, while ETH and BTC holder counts are up 6.27% and 1.71%, respectively, since the start of the year.

• Stablecoin growth continues to accrue the benefit of major chains. The top three chains – Ethereum, TRON, and Solana – control over 90% of all natively minted stablecoins. Of the top three, Solana was the only one that was able to increase its market share over the past year, growing from 2.0% to 5.3%.

• USDS is the stablecoin of the Sky Protocol, formerly known as Maker. USDS is the upgraded version of DAI, one of the oldest and most battle tested DeFi products in existence. Given approximately 48% of DAI has upgraded to USDS, the two should be analyzed collectively. As such, the supply of USDS+DAI currently sits around $7.6B, making it the third largest stablecoin product overall behind only USDT and USDC. As a percentage, the Sky Savings Rate (SSR) is the largest holder of DAI+USDS at 36%.

• So, what has led to the surge of USDS being staked into the SSR contract? Simple answer: best in class yield at size. With funding rates having been lack luster since the beginning of the year, Ethena's sUSDe has seen a decline in TVL, a drop that was inversely correlated with the SSR balance.

• Sky's USDS uses a complex yet harmonic backing system for USDS/DAI which currently consists of 47.9% collateral in peg stability module (PSM) stablecoin reserves, and 42.5% in Spark Vaults together covering over 90% of assets. ETH contributes 5.8%, while other assets —real world assets (RWAs), Lido Finance's stETH, and WBTC— collectively constitute under 4%.

• Tether's volume is over double all other stablecoins combined and is routinely clearing $20B in volume daily in 2025.

• Weekly active users of USDT have steadily grown from 4M early 2024 to 7M today.

• EURe is a euro-pegged stablecoin, regulated under EU law, and backed 1-to-1 by Euros. It operates across the Ethereum, Gnosis, and Noble networks with €22.8M in supply and over €4.3B transacted since 2019. Supply has grown nearly 80% since January 2024. From March to April 2025, weekly transactions held steady between 50k–65k, with a ~10% rise in late April to 69.5k, signaling increased activity.

• Gnosis Pay lets users make everyday payments in EURe via a Visa card secured by a non-custodial Safe. Over the past 9 weeks, EURe payment volume has grown 33%, while the number of EURe users has increased by 31.7%. To date, Gnosis Pay has processed more than 41M EURe from 721k payments by 7.9k users.

• EURe saw over 352k trades totaling $503M in 2025. Decentralized exchange (DEX) activity peaked in January and March with volumes between ~$93M and $95M volumes. Other months remained steady, with May showing a slower start at $6.5M.