Circle’s stablecoin ecosystem, primarily driven by USDC and EURC, is experiencing massive growth in 2025, signaling a significant shift toward the efficient, real-world use of on-chain money.
Key Metrics and Trends
- User Adoption Doubles: Circle-issued stablecoins (USDC and EURC) have reached 35 million holders, doubling the user count seen at the start of 2025. This growth is broad-based across major chains, including Ethereum, Solana, Base, Arbitrum, and Polygon.
- Record Supply: Circle’s total outstanding supply, including USDC, EURC, and associated yield products, has climbed to a record $75 billion.
- Ethereum Dominance and L2 Traction: While Ethereum remains the dominant base layer, carrying over $184 billion in total stablecoin supply (an increase of $100 billion since January 2024), Layer 2 (L2) networks and alternative Layer 1s are gaining material traction. Base in particular showed a sharp user curve, indicating L2 stablecoin distribution is significantly accelerating.
- Active Capital (Increased Velocity): Crucially, the growth is not passive. Transfer volume has accelerated alongside supply expansion. Unlike the 2021-2023 pattern, where supply grew without equivalent use, the 2024-2025 surge shows rising velocity. This means the newly issued capital is actively "turning over" and being used at scale on-chain, rather than just being parked as storage.
In short, the stablecoin market is past the slow growth phase of 2022-2023. The 2025 expansion is steeper, wider in chain mix, and characterized by active usage, confirming a new phase of efficiency and adoption for on-chain finance.
November 2025, Cryptoniteuae