Key Takeaways
- •Stablecoin transactions reached over $772 billion in September 2025.
- •Tether and USDC constitute 87% of the total stablecoin supply.
- •Ethereum and Tron are the primary blockchains for stablecoin transactions.
Stablecoin payments have achieved unprecedented heights, with adjusted transactions totaling over $772 billion on Ethereum and Tron in September 2025. This figure represents an all-time high for monthly stablecoin volume, indicating a significant shift toward utilizing stablecoins for real-world cryptocurrency spending, rather than solely for speculative trading.
Tether (USDT) and USDC are leading this surge, accounting for 87% of the $300 billion stablecoin supply. While most of the transaction volume occurs on Ethereum and Tron, new blockchains and tokens are also beginning to make an impact. These developments underscore the growing role of stablecoins in bridging traditional finance and decentralized protocols.
Tether and USDC: Pioneers in Stablecoin Growth
Tether (USDT) and Circle's USDC have been pivotal in the expansion of stablecoin usage. With long-standing roles as liquidity providers to decentralized finance (DeFi) platforms, cryptocurrency exchanges, and increasingly, business-to-business (B2B) and cross-border payment systems, these issuers drive a substantial portion of stablecoin volume. Tether has consistently been the largest stablecoin by volume, holding this position since at least 2018.
Circle, under the leadership of CEO Jeremy Allaire, places a strong emphasis on compliance and enterprise adoption. The organization actively engages with regulators and is committed to launching its stablecoin on multiple blockchain networks. Their efforts to enhance reserve transparency and forge partnerships with fintech companies have further solidified their market positions.
Institutional Adoption and Market Statistics
As of June 2025, the stablecoin market capitalization reached $166 billion, with the total supply exceeding $300 billion by September. This growth is further reflected in institutional demand for cross-border payment and payroll solutions. Major partners, such as Tesla and Visa, have begun adopting blockchain rails for their payment systems, highlighting a notable shift towards enterprise partnerships.
While no significant new grants or capital injections accompanied this recent surge in volume, institutional participation continues to be a driving force. The stablecoin trend demonstrates ongoing involvement from enterprises and financial institutions, suggesting a focus on real-world utility over speculative trading activities.
Blockchains and Tokens Driving Volume
Ethereum and Tron are currently the primary blockchains processing record stablecoin transactions. Layer 2 solutions, including Optimism and Base, are also facilitating additional volume with lower transaction fees. USDT leads in transaction volume, accounting for 55% of the total, followed by USDC, DAI, and GHO.
Decentralized finance protocols such as Aave, Maker, and Curve are experiencing increased participation due to these stablecoin activities. The on-chain total value locked (TVL) in liquidity pools further confirms the trend toward greater real-world usage compared to speculative trading.
On-Chain Data and Past Trends
The heightened activity in stablecoins signals a growing trend towards mainstream adoption. The surge observed in 2025 indicates a clear pivot from previous cycles that were primarily driven by speculative trading. Historical peaks in stablecoin activity were often correlated with bull markets, whereas the current adoption phase is focused on practical use cases.
This increase in on-chain activity is corroborated by data from blockchain explorers and protocol dashboards. The current trend bears resemblance to past increases seen during the 2021 DeFi summer, with the key distinction being the current emphasis on payments rather than trading.
Community and Regulatory Environment
No specific new regulatory actions were enacted in September 2025 that directly correlate with the volume record. However, the impact of Europe's Markets in Crypto-Assets (MiCA) regulations is facilitating enterprise adoption of compliant stablecoins. Circle and Tether continue their dialogues with global regulators to promote increased transparency.
Community engagement remains robust, with ongoing development of payment infrastructure visible on platforms like GitHub and Telegram. Developers are concentrating their efforts on compliance and integration with payment platforms, further reinforcing the shift from speculation to utility.