📝 Editor's Note:

Crypto markets surged over 5% today to a $4.09T global market cap, according to our friends at CoinGecko. That’s only 4% off the crypto market’s all-time high of $4.26T which came earlier this month. The market's bullish interpretation of today's comments from US Fed Chairman Powell is largely responsible.

While markets rally, OurNetwork is diving into the steady backbone of crypto: stablecoins. Even as unpegged assets post gains today, stablecoins are red hot, consistently pushing to all-time highs. 

In part two of OurNetwork's latest stablecoin series: Peter digs into USDC, Ian checks in with USDS, Seoul Data Labs looks into the onchain action for USD1, and Rafi explores stablecoins for emerging markets' currencies. Finally, Peter pulls double duty to cover EURe.

Let's get into it.

– ON Editorial Team

USDC | USDS | USD1 | Emerging Markets Stablecoins | EURe

• USDC, issued by Circle, is a fully-reserved stablecoin pegged 1:1 to the U.S. dollar and backed by cash and short-term Treasuries. As of August, supply reached a record $66.11B across 10 networks, including Ethereum, Solana, Base and Arbitrum. USDC supply is up 25% year-to-date. In July, cumulative transfer volumes reached $2.4T, with organic volumes hitting an all-time high of $345B, up 42% month-over-month.

• Lending and P2P remain core drivers of USDC usage. In July, P2P volumes across the seven Ethereum Virtual Machine networks reached a record $364B. Ethereum led with 86% of the total, followed by Arbitrum at 6%. Over the past 12 months, $106.2B in USDC was loaned out, with Aave accounting for 79% of that activity.

• In July, retail-sized USDC volumes hit a record high of $1.37B across 11 networks. Solana led with 33% of these volumes, followed by Polygon at 17% and Arbitrum at 12%. Allium defines retail transactions as organic transfers under $250.

• The volume and velocity of USDS/DAI is low relative to fiat-backed stablecoins such as USDT and USDC. The majority of its supply is productively used across various DeFi protocols and vaults. Over the last month, the Spark USDS farm experienced the largest categorical increase among its peers.

• In addition to this, USDS is also seeing adoption across key DeFi protocols like Pendle, where it has over $500M, as of Aug. 9, in its largest market (the position settled on Aug. 14). It's likely that this surge in deposits was incentivized via Spark's points program, which ended on Aug. 12.

• Outside of the Pendle market mentioned above, the role Spark is playing for USDS is becoming increasingly important. Spark vaults now represents the majority of USDS/DAI collateral, with 50.3%, worth approximately $4.65B.

• USD1, a stablecoin issued by Trump-affiliated World Liberty Financial, saw its circulating supply surge by $2B on BNB Chain in late April 2025 after a $2B injection from Abu Dhabi-based MGX into Binance using USD1. Since then, the supply has remained stable. Given growing institutional interest in stablecoins, the lack of further growth beyond a TRON integration raises concerns about the depth of adoption and distribution.

• USD1’s circulating supply is heavily concentrated on BNB Chain, which holds $2.4B (96%), while Ethereum and TRON account for just $62M and $26M, respectively. This level of imbalance is atypical for a stablecoin as Ethereum currently accounts for around 50% market capitalization across all stablecoins.

• USD1's distribution pattern extends beyond chain-level concentration. Currently, 86.3% of its supply is held in a single wallet with the second-largest holding just 1.82%. This level of concentration raises concerns around the token's decentralization, liquidity, and resilience.

• From Q4 2024 to August 2025, 23 non-USD stablecoin projects are demonstrating sustained growth, with weekly transaction volumes consistently surpassing 20,000. Growth peaked in Q1 2025, declined from April to May, then rebounded in early June. Transaction volumes are primarily driven by SGD- and BRL-pegged stablecoins. Non-USD stablecoins serve as legal tender, meeting local jurisdictional needs.

• Polygon led blockchain adoption from October 2024 to early August 2025, with BNB Chain and Base closely competing for second. Weekly transacting addresses consistently exceeded 4,000 on the network, reflecting steady user engagement.

• SGD- and BRL-pegged stablecoins dominate non-USD stablecoin adoption in emerging markets, reinforcing Southeast Asia and Latin America's race for leadership. Steady transaction volumes in both regions highlight the practical use cases of non-USD stablecoins.

• EURe is a euro-pegged stablecoin, regulated under EU law, and backed 1:1 by Euros. It operates across Ethereum, Gnosis, Polygon and Arbitrum with €21.6M in supply and over €5.3B transacted since 2019. Supply has grown by nearly 80% since January 2024. Since June, EURe logged 977,000+ transactions worth €727M. In terms of highs, June 30 saw €24.6M in payments; Gnosis hit 19.7k transactions on July 18, Ethereum moved €16.75M the same day, and Arbitrum reached 22.6k transaction on July 29.

• Gnosis Pay enables EURe payments via Visa secured by a non-custodial Safe. The payments solution has processed €66.3M from 1.16M transactions (average €57). Gnosis Pay's peak week hit €1.99M, with power users averaging 331 transactions. Adoption is growing, with over 3.5k weekly active cardholders spending crypto like cash.

• Since July 2024, EURe logged 689k trades worth $615M across Ethereum, Gnosis, Arbitrum, and Polygon. Decentralized exchange (DEX) volumes peaked in January and March at roughly $93 to 95M, while May dipped to $32M. However, rising EURe volumes hint at growing native use of EURe in payments over speculation.