Share this article
Stablecoin Boom Nears $300B as New Platforms Push Market Beyond Trading: Artemis
Supply has surged 72% year-over-year, led by Ethereum, Solana, and Plasma’s record debut, as stablecoins begin to mirror core banking functions
Updated Oct 15, 2025, 4:59 p.m. Published Oct 15, 2025, 2:15 p.m.
What to know:
- Stablecoin supply has jumped 72% to nearly $300 billion, led by Ethereum, Solana and a record $6 billion Plasma launch, according to Artemis.
- New use cases are emerging, including AI funding models and retail payments via platforms like MiniPay.
- Stablecoins are evolving into banking-like infrastructure, with platforms and exchanges offering payments, cards and savings tools, the report said.
The stablecoin market has undergone a sharp expansion over the past year, with total supply climbing 72% to nearly $300 billion, according to data analytics platform Artemis.
Much of that growth has been concentrated on Ethereum and Solana, with the recent launch of Plasma marking a milestone. More than $6 billion in stablecoins were issued on the network in its first week, setting a record for a new chain debut, Artemis said in the Wednesday report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets, providing a payment infrastructure, and are also used to transfer money internationally. Tether's USDT is the largest stablecoin, followed by Circle's USDC.
The dominance of Tether's USDT and Circle's (CRCL) USDC remains clear, as the two tokens continue to account for more than 85% of the market, the report said. However, their grip has loosened slightly as competition intensifies from emerging issuers and new platforms.
The surge isn’t just about supply. A broadening set of use cases that reflect stablecoins’ expanding role in the financial system, Artemis said. One example is USD AI, which has introduced a model allowing deposits to fund GPU loans for artificial intelligence (AI) companies, turning stablecoin holdings into a private-credit-like yield instrument.
Plasma’s massively oversubscribed issuance underscores how quickly new networks can bootstrap liquidity, the report said, while MiniPay’s growth on Celo signals a rebound in retail adoption, with transaction volumes rising sharply in 2025.
That widening utility is also blurring the line between stablecoin platforms and banks. Artemis noted that Squads now secures over $2 billion in assets, representing 15% of Solana’s total stablecoin supply. Meanwhile, RAIN’s Series B round is helping expand card-linked stablecoin spending, which is closing in on $1 billion.
Even centralized exchanges are starting to resemble neo-banks, with platforms like Binance, OKX and Coinbase (COIN) offering payment rails, debit cards, and savings tools anchored in stablecoins, the report added.
Artemis framed this shift as part of a broader structural evolution. Stablecoins are no longer just a tool for crypto traders, but an emerging financial layer that increasingly mirrors core banking functions.
Read more: Stablecoins Will Disrupt Cross-Border Payments, Investment Bank William Blair Says
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Barclays Sees ‘Down-Year’ for Crypto in 2026 Without Big Catalysts
Spot trading volumes are cooling, and investor enthusiasm is fading amid a lack of structural growth drivers, analysts wrote in a new report.
What to know:
- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
Top Stories
