According to a recent report by the analytics platform Dune, the number of active stablecoin addresses has increased by 53%, reaching 30 million.

Analyzing the dominance of the two largest stablecoins, USDC and USDT, it is worth noting that USDC's market capitalization has doubled to $56 billion. This growth is attributed to recent approvals of regulatory initiatives such as MiCa and DIFC, as well as partnerships with companies like MoneyGram and Stripe.

Meanwhile, USDT's market capitalization has reached $146 billion, with this stablecoin remaining more focused on P2P transfers.

The stablecoin USDe by Ethena Labs has shown significant growth, reaching a market capitalization of $6.2 billion, securing its position as the third-largest stablecoin by market capitalization.

According to Dune, the majority of stablecoin liquidity is concentrated on centralized exchanges. However, most of the transfer volume is generated by decentralized exchanges (DEXs), yield farming, and lending protocols.

In terms of stablecoin flow distribution, Ethereum continues to lead with a 55% market share. At the same time, Solana and Base are actively increasing transfer volumes due to the popularity of meme coins and the growth of DeFi ecosystems.

A representative from Base stated: "Stablecoins offer significant advantages over traditional financial instruments, especially in cross-border money transfers."

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