Stablecoin Market Cap Surpasses $232 Billion in May 2025: USDC, Solana, and USR Surge – OurNetwork

# Stablecoin Market Booms in 2025 With Shifts in Dominance and Innovations The global stablecoin market has experienced rapid growth in 2025, as highlighted by blockchain analytics firm OurNetwork. By May, the total market capitalization had reached an impressive $232 billion, marking a $15 billion rise compared to the previous year. While TetherUS (USDT) and Circle's USDC still hold 89% of the market, a shifting regulatory landscape is reshaping dominance: USDT's market share is declining, whereas USDC continues its rapid growth. In April 2024, USDC captured a 20% market share, which expanded to 25% by the same month in 2025. Total circulation exceeded $60 billion, showing an 80% year-over-year increase. The Cross-Chain Transfer Protocol (CCTP) by Circle recorded over $200 million in weekly transactions, establishing its importance. Following a partnership with Binance, USDC trading pairs frequently appeared among the top 10 by volume. # Solana Ecosystem Revitalized by Stablecoins The Solana (SOL) blockchain has seen fluctuations in stablecoin supply, peaking in January 2025 before a slight decline. However, peer-to-peer trading volumes remain high, indicating strong coin velocity and a thriving DeFi ecosystem. USDC remains the leading stablecoin on Solana, accounting for about 80% of stablecoin usage. Other stablecoins, including USDT, PYUSD, USDY, USDS, FDUSD, and AUSD, circulate within Solana’s ecosystem, all pegged to the US dollar. By mid-March, the combined value of dollar-pegged stablecoins on Solana surpassed $11.7 billion. # Ethereum-Based Infrastructure Expands Rapidly In 2025, Ethereum's stablecoin infrastructure has undergone significant improvements. Wallets using Account Abstraction technology processed over $240 million across 4.46 million transactions, enhancing the user experience with gasless transactions, passkey logins, and recovery options. In Ethereum’s ecosystem, "Safe" remains the most popular smart account, securing $6.2 billion in stablecoin assets. The wallet facilitated transactions worth $303 billion across 17 blockchains. Y Combinator-backed startup Blindpay is gaining attention by providing a unified API for multi-rail payments, processing over $39 million in stablecoin transactions, with 95% occurring on the Polygon (MATIC) network. # Ethena USDtb and USDS Stand Out as “Safe Haven” Assets Ethena (ENA) saw a significant drop in the issuance of its USDe stablecoin by over $1 billion due to lower staking yields amid market uncertainty. However, the company’s USDtb, backed by BlackRock's BUIDL fund, experienced explosive growth. Its supply skyrocketed 1,510%, from $89.1 million to $1.4 billion, driven by perceived stability. Similarly, Ethena’s USDS outpaced USDe, increasing its supply by nearly $3 billion since February 2025. Analysts credit this growth to rising demand for predictable returns in highly volatile markets. # On-Chain Stablecoin USR Gains Momentum Through Delta-Neutral Model Resolv ($RESOLV) introduced USR, an innovative fully on-chain delta-neutral stablecoin. USR maintains price stability by collateralizing cryptocurrency assets and using perpetual futures short positions. A separate token, RLP, absorbs risk and returns, enhancing capital efficiency. This setup has driven rapid growth. Resolv’s total value locked (TVL) surged from $10 million at the end of 2024 to over $600 million by early 2025, before stabilizing below $400 million due to market adjustments. Most USR supply remains on Ethereum, with expansions planned for Base, Arbitrum, BNB Chain, and Berachain. Nonetheless, RLP's annual percentage rate (APR) fell from over 40% in late 2024 to below 0% as of April 2025, reflecting the difficulties of maintaining delta-neutral strategies amid changing market conditions. Despite this setback, USR is considered a groundbreaking model for on-chain stablecoins, highlighting new opportunities for the sector. --- This article presents the technological innovations, market dynamics, and regulatory impacts reshaping the stablecoin industry in 2025, aligning with Wall Street-style reporting conventions.