According to a joint report titled “The State of Stablecoins 2025: Supply, Adoption & Market Trends” by blockchain analytics platforms Artemis and Dune, the number of active stablecoin wallets worldwide surged from 19.6 million in February 2024 to 30 million in February 2025, marking a year-on-year growth rate of 53%. This data not only highlights the pivotal role of stablecoins as a bridge between traditional finance and the crypto market but also underscores the growing demand for safe-haven assets amid Bitcoin price volatility. Meanwhile, the total supply of stablecoins increased by 63% during the same period, with annual transfer volumes exceeding $35 trillion, signaling a new era of liquidity in the crypto market.
Stablecoin User Expansion: The “Safe Haven Effect” Amid Bitcoin Price Fluctuations
The report notes that the surge in active stablecoin addresses is closely tied to the volatility of the cryptocurrency market. Between 2024 and 2025, Bitcoin prices experienced multiple sharp corrections and rebounds, particularly in December 2024 when Bitcoin hit a new all-time high, leading to increased market sell-offs and a heightened reliance on stablecoins. Artemis analysts believe that the safe-haven attributes of stablecoins make them the go-to tool for parking funds during periods of extreme Bitcoin price volatility. Additionally, the widespread use of stablecoins in cross-border payments and DeFi protocols has driven user growth, with activities such as liquidity mining on decentralized exchanges and low-volatility collateral requirements on lending platforms further solidifying their market position.
Notably, despite a short-term pullback in Bitcoin prices in early 2025, the growth trend in stablecoin users did not slow down. This suggests that, beyond hedging market risks, stablecoins are increasingly penetrating everyday payment scenarios. For instance, users in some emerging markets have begun using USDT or USDC for cross-border remittances to avoid local currency depreciation. This “practical demand” has a weaker correlation with Bitcoin price cycles, serving as a long-term driver of stablecoin adoption.
Supply Surges by 63%: Stablecoins as a Liquidity “Reservoir” During Bitcoin Price Rallies
In tandem with user growth, the total supply of stablecoins also expanded significantly. Data shows that their market capitalization rose from 138billioninFebruary2024to225 billion in February 2025, a 63% increase. This growth is closely linked to the cyclical rise in Bitcoin prices—when Bitcoin enters an upward trend, the demand for liquidity surges, and investors prefer converting fiat into stablecoins for quick trading rather than relying on traditional banking channels. The report highlights that during the fourth quarter of 2024, when Bitcoin prices soared to 73,000,monthlystablecointransfervolumespeakedat5.1 trillion, setting a historical record.
However, the expansion of stablecoin supply is not solely driven by retail investors. On-chain data reveals that in May and July 2024, the average transfer size reached 2.6millionand2.2 million, respectively, indicating significant activity by institutional investors or “whales.” Analysts speculate that this could be related to arbitrage strategies during Bitcoin price peaks or large-scale capital deployments in institutional-grade DeFi protocols. For example, some hedge funds use stablecoins for cross-exchange spread trading during periods of extreme Bitcoin price volatility to mitigate spot holding risks.
Transfer Volumes Exceed $35 Trillion: The Two-Way Link Between Bitcoin Prices and Stablecoin Liquidity
The report further reveals explosive growth in stablecoin transfer volumes. Between February 2024 and February 2025, monthly stablecoin transfer amounts jumped from 1.9trillionto4.1 trillion, a year-on-year increase of 115%, with cumulative annual transfers reaching $35 trillion. This figure not only far exceeds Bitcoin’s on-chain transaction volumes during the same period but also rivals the scale of major global payment networks. The Artemis team points out that the high-frequency use of stablecoins is reshaping the liquidity structure of the crypto market—when Bitcoin prices enter a consolidation phase, significant funds flow through stablecoins across DeFi protocols in search of yield opportunities; when Bitcoin prices break through key resistance levels, stablecoins are quickly converted into Bitcoin or other high-risk assets, acting as “fuel” for market rallies.
This two-way linkage was particularly evident in December 2024: as Bitcoin prices hit a new all-time high, stablecoin transfer volumes simultaneously peaked at 5.1trillion,onlytodeclinebelow4 trillion in early 2025 as Bitcoin prices corrected. This phenomenon suggests that stablecoin liquidity fluctuations are strongly correlated with Bitcoin price cycles, reflecting market sentiment and capital allocation strategies.
Future Outlook: Can Bitcoin Prices Break Through the Ceiling? Stablecoins May Hold the Key
Despite the overall prosperity of the stablecoin ecosystem, its interaction with Bitcoin prices remains uncertain. Some analysts worry that if Bitcoin prices remain stagnant or enter a bear market, the growth rate of stablecoin adoption may slow. However, others believe that as regulatory frameworks advance (e.g., the U.S. Payment Stablecoin Act), stablecoins will attract more traditional financial institutions, providing long-term liquidity support for Bitcoin prices.
Regardless, the current data clearly reveals a trend: stablecoins are no longer just a byproduct of Bitcoin trading but a fundamental infrastructure of the crypto economy. Whether it’s retail demand for safe havens, institutional arbitrage strategies, or the underlying liquidity of DeFi protocols, the dynamic balance between stablecoins and Bitcoin prices will be a key factor influencing the height of the next bull run. For investors, understanding this relationship may become essential for navigating market cycles.
