• Stablecoin holders now exceed 200 million worldwide, up significantly over the past two years according to Token Terminal data.

• Ethereum continues to dominate with about 60% of stablecoin supply, despite rising competition from other blockchains.

• Stablecoin expansion drives demand for U.S. Treasury bills as reserves, potentially absorbing over $850 billion in new supply by 2028 per market analyses.

Stablecoin users hit 200 million milestone in 2025, fueling crypto’s mainstream shift. Discover Ethereum’s role, growth projections, and Treasury impacts—explore now for investment insights.

What is the stablecoin users milestone and why does it matter?

Stablecoin users have reached over 200 million globally as of 2025, representing a dramatic surge from niche trading tools to everyday financial instruments. This milestone, reported by data provider Token Terminal, underscores stablecoins’ utility in payments, remittances, and value storage amid volatile crypto markets. It signals broader adoption, with on-chain transaction volumes expected to climb further, enhancing the ecosystem’s liquidity and accessibility.

Source: Token Terminal

This utility-driven expansion positions stablecoins as a bridge between traditional finance and blockchain technology. As more individuals and businesses integrate them, the sector’s stability becomes crucial for sustained growth.

How does Ethereum maintain dominance in stablecoin supply?

Ethereum holds approximately 60% of the total stablecoin supply in 2025, even as alternative blockchains like Solana and Binance Smart Chain gain traction, according to Token Terminal metrics. This dominance stems from Ethereum’s established infrastructure, robust DeFi ecosystem, and high liquidity, which attract major stablecoin issuers such as Tether and USD Coin. While Ethereum’s market share has slightly declined from previous highs, the overall stablecoin supply has ballooned, ensuring the network benefits from absolute growth.

Data indicates that despite competition, Ethereum’s stablecoin volumes remain unmatched, processing billions in daily transactions. Experts like those from Chainalysis note that this setup provides network security through increased economic activity. “Ethereum’s resilience in hosting stablecoins is key to its long-term value,” says a blockchain analyst from a leading research firm. Short sentences highlight the facts: Supply growth outpaces share erosion. Projections show Ethereum absorbing substantial new volumes.

Source: Token Terminal

Over the coming years, analysts forecast an additional $1.7 trillion in stablecoin movements on-chain. If Ethereum’s share dips to 50%, it would still handle around $850 billion in new supply by 2028. This scenario illustrates a smaller portion of a vastly expanded market, translating to considerable network expansion. The shift emphasizes Ethereum’s adaptability in a multi-chain environment.

Frequently Asked Questions

What drives the surge to 200 million stablecoin users?

The rise to over 200 million stablecoin users stems from their stability and practicality in real-world applications like cross-border payments and DeFi lending, as tracked by Token Terminal. Adoption has accelerated with improved blockchain scalability and regulatory clarity in key markets, enabling seamless integration for retail and institutional users alike. This user base growth reflects stablecoins’ evolution into essential digital assets.

Why are U.S. Treasury bills central to stablecoin reserves?

U.S. Treasury bills serve as the primary reserve asset for stablecoins due to their low risk, high liquidity, and alignment with dollar-pegged stability requirements. Issuers match each stablecoin with equivalent safe assets to maintain pegs, creating steady demand for these securities. As stablecoin supply grows, this mechanism links crypto to traditional finance, potentially influencing Treasury yields through increased purchases.

Source: Token Terminal

Each dollar issued in stablecoins typically backs one dollar in reserves like T-bills, turning crypto growth into a demand driver for U.S. debt instruments. This trend, observed across issuers regardless of regulatory status, underscores stablecoins’ macroeconomic footprint.

Key Takeaways

• 200 Million User Milestone: Stablecoins now serve over 200 million holders globally, highlighting their shift from trading tools to mainstream financial utilities.
• Ethereum’s Enduring Role: Despite share dilution, Ethereum’s 60% supply dominance ensures it captures significant growth, with $850 billion projected by 2028.
• Treasury Demand Boost: Expanding stablecoin supply creates new buying pressure on U.S. Treasury bills, bridging crypto and traditional markets—monitor for yield impacts.

Conclusion

The stablecoin users milestone of over 200 million in 2025, coupled with Ethereum’s supply dominance and rising demand for U.S. Treasury bills as reserves, illustrates the category’s maturation. This growth not only bolsters crypto’s infrastructure but also integrates it deeper into global finance. As on-chain volumes continue to rise, stakeholders should watch for regulatory developments and market dynamics to capitalize on these trends.