3 Takeaways from the Messari "State of Stablecoins" Report That Change Everything

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

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

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

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

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.