Forget Bitcoin And Ethereum, Here’s What Stablecoin Volumes Say About The Crypto Market

bitcoinistPublished on 2026-02-03Last updated on 2026-02-03

Abstract

Despite declining Bitcoin and Ethereum prices, stablecoin volumes reveal significant crypto market growth, shifting from speculation to utility. Q4 2025 marked a peak with $7.6 trillion in unadjusted volume and 1.5 billion daily transactions, accounting for 33.5% of the year's volume. Although volumes dropped after the October crash, daily active users rose to 4.07 million, indicating mainstream payment adoption. Aptos emerged as a leading retail chain, while reduced wash trading suggests organic institutional demand. Adjusted stablecoin volume now exceeds $8 trillion, with increased on-chain trading of stocks and commodities contributing to growth. The stablecoin market cap stands at $310 billion.

Rising stablecoin volumes have provided insights into the crypto market’s growth despite the decline in Bitcoin and Ethereum prices. A recent report noted that these stablecoins have evolved from speculation to utility, particularly as the number of daily active users increased in the last quarter.

Stablecoin Volumes Highlight Crypto Market Growth Despite Bitcoin And Ethereum Decline

According to an Orbital report, the fourth quarter of 2025 marked the peak of stablecoin growth, accounting for 33.5% of the year’s transaction volume. Q4 2025 is said to have been defined by a fundamental shift from speculation to utility as velocity surged while supply growth decelerated to 1.3%. The report noted that the stablecoin market peaked in October, around the time Bitcoin and Ethereum reached new highs, hitting an all-time high of 1.5 billion in transactions.

Furthermore, the stablecoin market hit an unadjusted volume of $7.6 trillion at the time. Notably, the crypto market decline following the October 10 crash saw stablecoin volumes drop by around 23% and peer-to-peer (P2P) activity fall 29% in November. Despite this, the number of daily active users rose to 4.07 million, which the report noted signals a crossover into mainstream payment infrastructure.

Source: Chart from Orbital

Meanwhile, Orbital revealed that in December last year, a more stable market structure emerged with a new, elevated baseline of 1.55 billion monthly transfers. This occurred even as the prices of Bitcoin and Ethereum stalled. Amid the rise in stablecoin volumes in Q4, the Aptos network emerged as the breakout retail chain, with its market share rising from 6% to 25% through autonomous expansion.

Aptos’ growth appears organic and additive, enabling the network to rank alongside BSC as a co-leader in retail activity. Orbital also mentioned that the narrowing gap between unadjusted and adjusted stablecoin volumes signals a decline in wash trading and bot activity, indicating that the crypto market is now driven by organic institutional demand. The reported volume is said to reflect genuine capital allocation and settlement rather than artificial noise.

Stablecoin Volume Surpasses $8 Trillion

Artemis data shows that the adjusted stablecoin transaction volume has now surpassed $8 trillion, with stablecoins like World Liberty Financial’s USD1 recording significant growth. USD1’s market cap notably jumped from just over $3 billion to $5 billion within a week towards the end of last month.

The surge in stablecoin volumes comes despite the recent crypto decline, with the Bitcoin and Ethereum prices reaching new lows. It is worth noting that stablecoins are seeing increased utility with more markets moving on-chain. Crypto traders are now able to trade stocks and commodities on exchanges like Hyperliquid, which has also likely contributed to the increase in stablecoin transaction volumes.

At the time of writing, the stablecoin market cap stands at $310 billion, according to data from CoinGecko.

BTC trading at $78,960 on the 1D chart | Source: BTCUSDT on Tradingview.com

Trending Cryptos

Related Questions

QWhat does the rise in stablecoin volumes indicate about the crypto market, despite the decline in Bitcoin and Ethereum?

AThe rising stablecoin volumes indicate a fundamental shift from speculation to utility and signal the crypto market's growth, with increased daily active users suggesting a crossover into mainstream payment infrastructure.

QAccording to the Orbital report, what was the peak period for stablecoin growth and what percentage of the year's transaction volume did it account for?

AThe fourth quarter of 2025 was the peak period for stablecoin growth, accounting for 33.5% of the year's transaction volume.

QWhich network emerged as the breakout retail chain in Q4, and how much did its market share increase?

AThe Aptos network emerged as the breakout retail chain in Q4, with its market share rising from 6% to 25% through autonomous expansion.

QWhat does the narrowing gap between unadjusted and adjusted stablecoin volumes signify?

AThe narrowing gap signifies a decline in wash trading and bot activity, indicating that the crypto market is now driven by organic institutional demand and reflects real capital allocation.

QWhat is the current total market capitalization of the stablecoin market, according to CoinGecko data mentioned in the article?

AThe current total market capitalization of the stablecoin market is $310 billion.

Related Reads

The Clarity Act's Journey Through Congress: The Thorny Path of Bipartisan Compromise in the U.S.

The U.S. Congress is struggling to advance the crypto market structure bill known as the Clarity Act, with bipartisan compromise proving difficult. Key hurdles include unresolved disputes over "yield" products and, more critically, the inclusion of strong ethics provisions for elected officials—a non-negotiable demand for many Democrats. While a compromise on yield was reached in May, securing only limited Democratic support in committee, the separate Senate Agriculture Committee version later passed with no Democratic votes due to the ethics impasse. As Republicans push for a full Senate vote in July, demands for ethics rules have expanded, and other contentious issues like developer protections and concerns from law enforcement and large banks further complicate negotiations. Despite consensus on the need for legislation, the path forward is unclear. Recent discussions between senators and White House officials aim to find acceptable ethics language. Some lawmakers question whether a compromise text can garner enough bipartisan support, with one Democrat stating the current proposal lacks the strong ethics provisions required for their vote. Potential short-term goals for the crypto community include symbolic Senate action before the August recess, a longer-term aim for passage by 2026, or establishing a detailed framework that addresses ethics and other compromises. The process remains arduous, relying on the traditional, vote-by-vote effort to build bipartisan support.

marsbit4m ago

The Clarity Act's Journey Through Congress: The Thorny Path of Bipartisan Compromise in the U.S.

marsbit4m ago

Are Kalshi and Polymarket Founders at Odds? This Business Rivalry Is More Brutal Than You Think

"The Rivalry Between Kalshi and Polymarket Founders Turns Bitter and Litigious" The intense feud between Tarek Mansour, CEO of Kalshi, and Shayne Coplan, founder of Polymarket, has escalated far beyond typical business competition into personal animosity and regulatory battles. Both lead billion-dollar prediction market platforms, but their approaches differ sharply. Kalshi positions itself as the compliant operator, securing U.S. regulatory approval before launching. In contrast, Polymarket initially operated offshore, allowing U.S. users to access its platform via VPN, which drew regulatory scrutiny. The conflict reached a peak in November 2024 when FBI agents raided Coplan's New York apartment. While Coplan publicly blamed political motives, his team privately suspected Kalshi was involved. According to sources, Kalshi's lawyers had previously reported Polymarket's operations to federal prosecutors, highlighting its accessibility to U.S. users despite a ban. This incident fueled mutual accusations and underhanded tactics, including social media smear campaigns and attempts to sabotage each other's major business deals. Their rivalry also played out in Washington, influencing regulatory debates. Kalshi actively lobbied against Polymarket's practices, framing them as illegal and unethical. Polymarket, after facing a CFTC fine and investigation, later acquired a licensed U.S. firm to launch a domestic app, regaining a foothold. Despite the hostility, both companies have seen massive growth, with combined trading volumes soaring. However, increased regulatory scrutiny, particularly around insider trading on Polymarket's platform, continues to pose challenges. The founders' deep-seated mutual disdain ensures their battle for market dominance remains as much a personal vendetta as a commercial one.

marsbit13m ago

Are Kalshi and Polymarket Founders at Odds? This Business Rivalry Is More Brutal Than You Think

marsbit13m ago

Bank of America Quietly Positions: Could $6 Trillion in Bank Deposits Flow into Stablecoins?

Bank of America (BofA) is making strategic moves in digital assets, appointing senior leaders to advance a platform covering stablecoins, tokenized deposits, custody, and crypto settlement. This comes amid a broader discussion about the potential migration of trillions in bank deposits to stablecoins. A cited TBAC report estimated up to $6.6 trillion in transactional deposits could be at risk of moving to stablecoins long-term, a point BofA's CEO previously conditioned on stablecoins being allowed to pay interest. The regulatory landscape is evolving, with the GENIUS Act setting a final implementation deadline for January 2027. Major banks, however, are not waiting; JPMorgan, Citi, BofA, and others are already developing tokenized deposit networks and services. Industry observers note that while retail crypto trading is sluggish, institutional adoption of stablecoins for real-world use cases is driving growth. Despite the activity, some analysts remain cautious, noting banks have a long history of blockchain announcements and that true structural change is slow. The stablecoin market itself has seen a recent dip from its peak. Optimistic projections, however, foresee significant growth, with stablecoin settlement volume already reaching $33 trillion in 2025. The race is on for the post-January 2027 landscape, where regulatory clarity is expected to accelerate the fusion of traditional finance and crypto.

marsbit18m ago

Bank of America Quietly Positions: Could $6 Trillion in Bank Deposits Flow into Stablecoins?

marsbit18m ago

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

After a prolonged decline, the Chinese A-share market staged a strong rally on July 21. The STAR 50 index surged 10.73%, its largest single-day gain in nearly a year, leading a broad-based "V-shaped" reversal. The Shanghai Composite Index rose 1.79%, the Shenzhen Component Index gained 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover reached 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous session, with over 3,100 stocks advancing. The semiconductor sector spearheaded the rebound, with related ETFs posting significant gains. Analysts attribute the surge to three converging factors. First, coordinated capital inflows from "national team" institutions, insurance funds, listed company buybacks, and fund house self-purchases have bolstered market liquidity and confidence. Second, supportive policy signals, including commitments from regulators to ensure stable market operations, provided a favorable backdrop. Third, a stabilization and recovery in overseas markets, notably South Korea, created a positive external environment. Institutions suggest the most severe panic selling phase for the tech sector has likely passed, following a significant digestion of crowded positions and leveraged funds. While short-term volatility may persist, the medium to long-term outlook remains underpinned by enduring trends like AI computing demand expansion and semiconductor localization. The market's focus now shifts to the sustainability of supportive fund flows, earnings reports, and upcoming catalysts from the global AI industry chain.

marsbit56m ago

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

marsbit56m ago

Trading

Spot

Hot Articles

What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

971 Total ViewsPublished 2025.05.13Updated 2025.05.13

What is $BITCOIN

Discussions

Welcome to the HTX Community. Here, you can stay informed about the latest platform developments and gain access to professional market insights. Users' opinions on the price of BTC (BTC) are presented below.

活动图片