In brief
<ul><li>The stablecoin supply jumped $100 billion to a total of $314 billion in 2025.</li><li>Tether leads in transaction activity, followed by Ripple's RLUSD and Circle's USDC.</li><li>The… [+8971 chars]

The stablecoin supply hit $314 billion in 2025, but market cap doesn't tell the full story. Here's who really dominated.

Decrypt

From Tether to the Trump-Backed USD1: The 7 Fastest-Moving Stablecoins of 2025

Ethena Staked USDe

Fluid (Ethereum)

Fluid (Plasma)

Uniswap V4 (Ethereum)

Curve (Ethereum)

Fluid (Arbitrum)

Uniswap V3 (Ethereum)

Curve (Plasma)

Kodiak V3

STON.fi (V2)

LFJ V2.2 (Avalanche)

Velodrome Finance Slipstream (Fraxtal)

Orca

Balancer V3 (Plasma)

BaseSwap V3

Balancer V2 (Base)

Uniswap V2 (Ethereum)

Uniswap V4 (Arbitrum)

Uniswap V4 (Base)

Omni Exchange V3 (Base)

Curve (HyperEVM)

ThalaSwap V2

Hyperion

Curve (Fraxtal)

Merchant Moe Liquidity Book (Mantle)

Agni Finance

Blackhole V3

Balancer V2 (Arbitrum)

Origin ARM

Hydration

Ethena Staked USDe

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