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

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.

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