📝 Editor's Note:

Welcome to OurNetwork’s latest on stablecoins. The sector surpassed its previous high of $187B in market capitalization in November 2024 and, now at $276B, has showed little signs of slowing down since.

In this issue, we’re digging into the latest, courtesy of the RWA.xyz team, who provided an overview of the stablecoin space. Henry's coverage of USDT follows, then comes Tim0x's coverage of FDUSD, then Oğuz' of EURC. Finally, we have Sandesh looking into the new USD.AI.

Let's get into it.

– ON Editorial Team

Sector Overview | USDT | FDUSD | EURC | USD.AI

• Stablecoin supply grew $54B in 2025 to $257B. USDT and USDC still dominate with 87% share; however, USDT slipped from 68% to 63% while USDC increased from 21% to 24%, driven by MiCA-related delistings and in anticipation of the passage of the U.S. GENIUS Act. USDS, USDe, and USDtb led among yield-bearing stablecoins, collectively adding $9B. Newcomer USD1 surged $2B since its launch in April.

• Among stablecoins on individual networks, Tron’s USDT led gains with $21B added in 2025, followed by Ethereum’s USDC (+$11B) and Solana’s USDC (+$4B). USDe and USDS deployments on Ethereum topped yield-bearing stablecoin growth and added $3.6B and $3.5B. BNB Chain’s stablecoin momentum was fueled by the launch of USD1 in April.

• Ethereum and Tron lead stablecoin market cap with 86% share, but address-adjusted volumes tell a different story. In July, Avalanche and Optimism outpaced Tron in monthly transfer volume per active address, suggesting higher institutional activity and larger transaction sizes on these networks.

• USDT weekly active users have continued their steady increase, hitting 9M at the end of the first half of 2025.

• More than 90% of Tether users (>100M users) hold less than 100 tokens, underscoring the deep usage of USDT in developing countries.

• Daily USDT value transferred has continued its uptrend: $12B at the start of 2024, $20B at the start of 2025, and $24B currently.

• The stablecoin FDUSD launched in 2023, backed by treasury bills and US dollars. The image below indicates a conservative risk profile balancing liquidity through cash (39%) and low-risk yield via T-bills (60%). The minimal 0.5% exposure to longer-term treasury debt indicates an aversion to duration risk. Compared to other stablecoins like USDT or USDC, FDUSD appears more heavily weighted towards T-bills.

• 95% of total supply of FDUSD has been known to be held in Binance wallets but recently, this supply in Binance wallets has reduced by 5% percent.

• Ethereum remains the chain with the highest circulating supply of FDUSD. BNB Chain's dominance has fallen as Solana has attracted more of the stablecoin. Solana has 30% dominance, with BNB Chain and Sui following.

• EURC, a Euro-pegged stablecoin from Circle, has shown notable supply shifts across chains. Ethereum had the largest swings, from a 42.8M mint in March 2025 to an 11.8M burn in Jun 2025. Base had strong inflows in late 2024, followed by burns in early 2025. Avalanche experienced smaller but frequent burns, while Solana had a one-off 30M mint in Apr 2025. At the time of writing, there are 108.7M EURC on Ethereum, 70M on Solana, 38.7M on Base, 8.2M on Avalanche.

• Base now leads EURC transfer volumes, outpacing Ethereum’s steady flow. Solana saw a brief April spike after a major mint, while Avalanche remains modest and sporadic.

• Large transfers (100,000-1M and 1M-plus segments) dominate volume (often >50% monthly), while small transfers (0-100 and 100-1,000) comprise most transactions but little volume. The 10,000-100,000 range shows consistent activity.

• It's easy to anticipate frequent small payments from Europeans using EURC for daily onchain transactions or borrowing against crypto assets. However, the data revealed a different reality: most activity comes from large transfers, not the retail payments.

• USD.AI is currently in beta, but that hasn’t stopped investor interest. In just three months, its market cap grew from under $2M to $50M. While growth has temporarily plateaued, the project is expected to exit beta soon, bringing improvements that could drive renewed momentum. One key update is the upcoming launch of the staked USD.AI feature, which will allow users to earn a higher yield—rising from the current 6% to potentially as high as 15%.

• Around 95% of the total supply is held by institutions and individual users, showing strong holder confidence. The upcoming launch of staked USD.AI could boost yields from 6% to 15%, potentially reigniting momentum and attracting more users.

• However, a deeper look reveals that around 65% of the USD.AI supply is held by the parent company itself and is not freely circulating. This concentration raises some concerns around decentralization. The next largest holders are DeFi protocols.