Circle-issued stablecoins reached 35 million holders, double the count seen at the start of 2025. Token Terminal data showed this rise was broad-based across Ethereum, Solana [SOL], Base [BASE], Arbitrum [ARB], and Polygon [MATIC].
Source: Token Terminal/X
Ethereum remained the dominant settlement rail, but the chart showed Base’s sharp user curve in recent months, indicating that L2 stablecoin distribution was gaining material traction.
The slow growth from 2022 to 2023 is over.
Since late 2024, stablecoin adoption has surged again. From late 2024 to mid-2025, USDC’s supply and number of holders have risen together, showing strong, connected growth rather than separate trends.
$75 bln outstanding supply, and no longer just Ethereum-first!
Circle’s total outstanding supply (including USDC, EURC and yield-enabled structures) climbed to $75 billion. Token Terminal’s supply chart showed a wider chain mix than prior cycles.
Source: Token Terminal/X
Ethereum still anchors the base layer, but Solana, Base, Arbitrum, Polygon and OP Mainnet collectively account for a growing share of issuance.
The post-2024 expansion leg was also materially steeper than the 2021-2022 build, indicating this surge was a new distribution curve, with L2s and alternative L1s absorbing meaningful new capital.
Ethereum’s $184 bln base isn’t idle
Ethereum carried more than USD 184 billion in Stablecoin Supply, an increase of more than $100B since January 2024. But the more important shift is that transfer volume has accelerated alongside supply, not lagged it.
Source: Token Terminal/X
This implied that the new holders (35 million) and the $75 billion Circle supply expansion were not just passive storage; capital is turning over. The 2021-2023 pattern saw supply growth without equivalent throughput.
In contrast, 2024-2025 shows rising velocity in tandem with issuance, which means that on-chain dollars are moving (and being used) at scale, not merely parked.
No Comments