Stablecoin Activity Accelerates Across Multiple Networks
Stablecoin usage is showing strong growth beyond just Circle's USDC. WalletConnect reported $6.29 billion in weekly stablecoin volume on its network, while the Aptos network now supports USDT with over $900 million in circulation following an integration with HashKey Exchange. Additionally, the Monad network processed $3.64 billion in stablecoin transfers in a single day, signaling significant network activity.
- The $6.29 billion weekly volume on WalletConnect is part of a larger trend; the network facilitated over $93.3 billion in stablecoin value in Q4 2025, with USDC accounting for 54% of payment volume and USDT 11%. - Tether's expansion to Aptos is driven by the network's high throughput and low fees, with transactions costing a fraction of a cent. This allows USDT to better serve high-frequency applications and microtransactions. - Monad’s $3.64 billion in daily stablecoin transfers briefly surpassed Ethereum’s 24-hour stablecoin supply net change, a significant shift in liquidity driven by Monad's high-throughput architecture designed to handle large transaction volumes. - The growth in stablecoin activity is a foundational layer for the tokenization of Real-World Assets (RWAs), with the market for tokenized U.S. Treasuries now exceeding $4.2 billion and major players like BlackRock launching tokenized money market funds. - Institutional adoption is accelerating due to increased regulatory clarity from frameworks like Europe's MiCA and the proposed U.S. GENIUS Act, which establish standards for reserves and operations, making stablecoins a core component for institutional treasury and liquidity management. - While Tether's USDT holds the majority of market share by circulation (around 70%), Circle's USDC has captured a significant and growing portion of on-chain transaction volume, reaching 47% in the fourth quarter of 2025. - Leading DeFi yield strategies are evolving beyond simple lending to incorporate automated vaults and tokenized RWAs, offering returns that are less correlated with crypto market volatility. - This activity is part of a broader trend where stablecoins are functioning as financial infrastructure, with issuers becoming major buyers of U.S. government debt; Tether was the seventh-largest buyer of U.S. Treasuries in 2024.
