July 31, 2025
An analysis of the 128-page report, featuring exclusive on-chain user data from Addressable that reveals the human story behind the numbers.
Ali Adnane
Senior Marketing Manager
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An overview of the 2025 Messari State of Stablecoins report, showing the cover page and key data points on the global market size, growth in high-inflation markets, and USDT dominance.

Every so often, a report is published that cuts through the noise and provides a clear picture of where the industry truly stands. The new "State of Stablecoins" report from the team at Messari is one of them.

It tells the story of how a "boring" crypto sector has quietly grown into a global financial superpower. This was a massive, ecosystem-wide effort. Our team at Addressable was honored to be a primary data partner alongside industry leaders like Circle, Anchorage Digital, TRON, Tether, Dragonfly, Global Dollar Network, Sphere, Bitso, Huma Finance, Stellar, Ondo Finance, Sky Ecosystem, Hyperbeat, Fx Protocol, Perena, Plasma and the Coinbase Developer Platform. This report provides the wallet-level intelligence that uncovers the human story behind the numbers.

For those who don't have time to read the full 128-page report, here are the three insights that matter most.

1. The Scale is Bigger Than You Think: Stablecoins Are Eating TradFi

A banner titled "The New Financial Superpower" comparing legacy payment networks like Visa and PayPal to Web3 stablecoins like Tether and USDC, highlighting the great convergence of a $250B+ on-chain economy.

The report makes it clear: stablecoins are no longer a niche crypto asset; they are a direct competitor to the global financial system.

  • A Financial Juggernaut: The total market capitalization of stablecoins has breached $250 billion. The treasury holdings of Tether and Circle are now so large they rank among major financial entities like Life Insurance Companies and Private Pension Funds.
  • Rivaling Global Payment Giants: Monthly stablecoin transaction volumes are now on the same level as legacy payment networks like ACH and have already surpassed PayPal & Visa.
  • The Great Convergence: The era of crypto operating in a silo is over. With landmark regulation like the GENIUS Act providing clarity, and financial titans like BlackRock, JPMorgan, and Franklin Templeton entering the space, the line between TradFi and crypto is blurring forever.

2. The Human Story: On-Chain Insights Powered by Addressable

A world map visualizing on-chain data about global stablecoin adoption. Data callouts highlight key insights: new user growth in Ukraine, 5.4x more USDT than USDC users in West Africa, and +300% YoY growth in high-inflation countries.

Macro numbers tell you what is happening. Wallet-level data tells you why. For the report, our platform provided deep wallet-level intelligence to reveal the human behavior driving this global shift. This is the ground truth.

A) The Global Stablecoin Divide: A Tale of Two Dollars The stablecoin market is not a monolith. Our data reveals a stark geographic split between USDT and USDC. While the West has a balanced usage, in most of Africa and Asia, USDT user accounts outpace USDC by an average of 5.4 times. This proves that a one-size-fits-all growth strategy is doomed to fail; you have to know which "dollar" your target market actually uses.

B) The Flight to Safety: Stablecoins as an Inflation Hedge This isn't just speculation; it's a story of wealth preservation. Our data shows that stablecoin transaction volume in high-inflation countries (like Iran, Bangladesh, and Turkey) grew by an average of ~300% over the last year. For millions, stablecoins are not a risky investment; they are an escape hatch from a failing currency.

C) The Lifeline: A Case Study in Crisis In the most extreme circumstances, stablecoins become essential. Our data on Ukraine shows that new stablecoin user growth hit "escape velocity" after the war began, jumping from an average of ~43,000 new users per month in 2021 to over ~635,000 in 2023. When traditional financial rails fail, this is what takes their place.

3. The Uncomfortable Truth: The Most Successful Product in Crypto is the One You Love to Hate

A banner titled "An Uncomfortable Truth" showing the Tether logo with a data point of over 400 million global users, representing the on-chain data behind crypto's most dominant product.

The report is filled with data on over a dozen innovative stablecoin projects. But one uncomfortable truth stands out: Tether is a force of nature.

  • Mind-Boggling Profitability: With a trailing-twelve-month pre-tax income that rivals American Express and Morgan Stanley, Tether has become one of the most profitable financial entities in the world.
  • Dominant Network Effects: Driven by its deep integration with low-cost networks like TRON, Tether has become the default for cross-border payments in emerging markets, with over 400 million global users.

The Future is Built on Stable Rails

Banner summarizing key takeaways from the 2025 Messari State of Stablecoins report, showing three main stats: +300% average YoY growth in high-inflation economies, a +$250B global market, and 5.4x USDT dominance in emerging markets.

The "State of Stablecoins" report makes one thing undeniable: stablecoins have matured from a niche crypto-trading tool into a pillar of global finance.

The most powerful stories are no longer just about market caps, but about the real-world users driving this revolution. At Addressable, our platform is built to uncover that human story from on-chain data.

To dive deeper, we highly recommend reading the full report from Messari.

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State of Stablecoins report

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