ONâ338: Stablecoins Pt. 2 đ°
Coverage on Sector Overview, Solana Stablecoins, Stablecoin Infra, USDC, and USR
đ Editorâs Note:
Welcome to the second installment of OurNetworkâs two-part series on stablecoins. In the first, we covered behemoths like USDT and USDS, as well as the up-and-coming EURe, which is pegged to the euro.
Below, we have coverage of another deca-billion dollar giant, USDC, as well as updates on Ethena's dual stable offerings â USDe and USDtb. OurNetwork analysts also chipped in to cover the state of stablecoins on Solana, provide an infrastructure update âaccount abstraction is comingâ, and to report on USR, an emerging $250M-plus dollar-pegged asset with delta-neutral backing.
If it wasn't clear already, at this point it's evident that stablecoins are here to stay. Tether notched an operating profit of over $1B in Q1 2025. USDC's issuer Circle, filed to go public. And even the World Economic Forum has estimated that, at $27.6T, stablecoins' volume surpassed Visa and Mastercard's combined volume in 2024.
Let's get into it.
â ON Editorial Team
Stablecoins Pt. 2 đ°
Solana Stablecoins | Infrastructure | USDC | USR
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đ Stablecoins' Market Cap Surges Past $232B, Gaining 15% Year-to-Date in 2025
The stablecoin market grew by $30B in 2025 to reach $232B. USDT and USDC still dominate with 89% combined share, but USDT dropped from 68% to 62% due to MiCA-related delistings, while USDC rose to 26%. Sky's USDS and USDtb, issued by Ethena and backed by U.S. treasuries âprimarily BlackRock's BUIDL fundâ led growth among yield-bearing stables, adding over $4B. USDtb exploded from $89M to $1.4B, reflecting its expanding role in Ethenaâs ecosystem as a safer alternative during volatile market conditions.
Skyâs USDS surpassed Ethenaâs USDe in supply in February. As market conditions worsened and staked USDe yields tumbled from the high teens to low single digits, it fell by over $1B. Meanwhile, USDS grew nearly $3B, driven by demand for its more stable, predictable returns.
