It’s here 📢
Birdeye’s Stablecoin Evolution Report, co-authored with @Perena__ and @moonpay, is now live.
A data-packed deep dive into how stablecoins are transforming from DeFi’s backbone to a global payment disruptor.
Key highlights 🧵
1/ Explosive growth
Stablecoin market cap grew from less than $100M in 2018 to over $250B by Aug 2025.
USDT and USDC still dominate, but USDe surged 15× this year to $13.5B and became the #3 stablecoin by market cap.
@Tether_to @ethena_labs @RWA_xyz 2/ 200+ active stablecoins
As of August 2025, the stablecoin landscape consisted of 200+ active stablecoins with crypto-backed outnumbering fiat-backed, yet still holding a fraction of the market share.
3/ Chain concentration
Together, @ethereum and @trondao account for ~80% of circulating stablecoin supply, showing concentrated adoption.
@solana ranks third, with sharp supply growth from $2.2B to $11.4B in a year, driven by surging retail activity.
@RWA_xyz @artemis 4/ Major US treasury acquirer
By June 2025, @Tether_to managed $127.1 billion and @circle $54.1 billion in direct and indirect U.S. Treasury holdings.
Both issuers together exceeded Saudi Arabia’s holdings and ranking as the world’s 17th-largest investor.
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