Stablecoin Market Sees 80% Growth in 2024, OKX Report

Between January 2024 and March 2025, the stablecoin market has grown massively with global market capitalization increasing from $130 billion to $235 billion, an 80.7% jump. Driven by this surge, this trend points out how stablecoins are growing as a stable means of integrating with the global financial ecosystem. Among majors, Tether ($USDT) and USD Coin ($USDC) kept leading the market with a collective share of 87%. Their massive growth has reaffirmed their role of critical mass for the rest of the crypto market.

$USDT and $USDC Dominate the Market

Stablecoin, with the biggest circulating supply, $USDT witnessed an increase in circulating supply from $91 bln to $144.6 bln, representing 51% of the total market growth. On the other hand, the supply of USDC increased from $23.8bn to $60.6bn, reflecting 35% of the overall market rise.

These two stablecoins have become core to digital asset trading, liquidity provisioning, and the crypto market’s overall stability. The entrenched placement of $USDT and $USDC in decentralized finance (DeFi) and increasing trust in their stability point to their dominance.

Expansion Across Blockchain Networks

While USDT and USDC issuance continue to grow, there are no restrictions on other stablecoins. Ethereum and Tron remain the stablecoin leaders, with 81.99% of the market share issued either through this chain or the other.

The year-over-year growth rate for Ethereum was 86%, and that of Tron was 34%. Solana and Base, new blockchain networks, also experienced enormous growth. Solana’s issuance of stablecoins increased more than 580%, while Base saw a 2,316% increase. This implies major developments in the stablecoin space with new blockchain platforms gaining popularity.

Global Adoption and Future Outlook

The adoption of stablecoins is still growing, particularly in cross-border payments and retail use cases. In Latin America and Sub-Saharan African regions, stablecoins constitute increasing portions of remittances, with annual growth over 40%.

Meanwhile, financial institutions like Standard Chartered Bank have started incorporating stable coins in their services, while further hammering the use of such coins in the traditional financial sector. The growth of stablecoin usage will be expected to lead the market to a $325—$400 billion capitalization by the end of 2025. Additionally, such innovations in Layer-2 solutions and the creation of yield-generating stablecoins will increase their benefits.