USDT and USDC Stablecoins on Ethereum surge by $1.3B in the past 7 days

On-chain data shows that USDT and USDC stablecoins on Ethereum increased by $1.3 billion. Lookonchain analytics firm also noted that USDT and USDC stablecoins on Hyperliquid decreased by $77 million.

VISA on-chain analytics acknowledged that global businesses are embracing stablecoin payments at a growing rate. The analytics firm reported that the total transaction volume using stablecoins had exceeded $240 trillion in the past 30 days. The firm also projects that the stablecoin market cap might reach $400 billion in 2025.

Ethereum leads stablecoins growth by $1.3B increase

In the past 7 days, stablecoins(USDT&USDC) on #Ethereum increased by $1.3B, and stablecoins(USDT&USDC) on #Hyperliquid decreased by $77M.https://t.co/UanS3p1iYq pic.twitter.com/wZAK7STm3M

— Lookonchain (@lookonchain) March 10, 2025

Lookonchain has revealed that Ethereum is currently leading in stablecoin growth with a $1.3 billion increase. The firm also noted that Hyperliquid experienced an outflow of $77M within the last 7 days.

Data from DefiLlama showed that the combined market capitalization of the five biggest stablecoins surpassed $225 billion in total market cap on March 9. The surge in stablecoin market cap happened after Treasury Secretary Scott Bessent pledged on Friday to use the digital assets to help maintain the greenback as the world’s reserve currency.

The data also indicated that stablecoins saw a jump from under $140 billion at the end of 2023 and another jump of over $25 billion following Donald Trump’s President-elect win in November.

Glassnode data showed that the stablecoin market cap has grown by $40 billion since President Donald Trump won the U.S. election. The firm also noted that stablecoins have surged despite both cryptocurrencies and U.S. equities struggling in recent weeks.

Tether’s USDT has maintained a market cap of around $140 billion since December, while USDC is nearing $60 billion, an increase of $25 billion since the election.

Bessent iterated at the Crypto Summit on Friday that “we are going to keep the U.S. the dominant reserve currency, and we will use stablecoins to do it.”

“We are going to keep the U.S. the dominant reserve currency in the world, and we will use stablecoins to do that.”

–Scott Bessent, U.S. Treasury Secretary.

The U.S. pushes for stablecoin regulation

Donald Trump said at the summit that he expects stablecoin legislation on his desk before August. He also urged lawmakers to pass bills on stablecoins and market structure. The President emphasized that keeping the U.S. dollar strong remained a priority for his administration.

U.S. officials are currently working on stablecoin legislation, and Senator Cynthia Lummis acknowledged that efforts to finalize a regulatory framework for digital asset markets are in progress. In February, Tennessee Senator Bill Hagerty introduced a stablecoin oversight bill that would establish a regulatory regime for U.S. dollar-backed digital assets.

The Senate’s Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act approves federal regulation for stablecoins with a market cap of over $10 billion. The GENIUS bill also considers the potential for state regulation of U.S. dollar-backed virtual currencies if it aligns with federal rules.

S&P Global Ratings also reported that the absence of stablecoin regulation in the U.S. was one of the main hurdles to its adoption. Analysts led by Mohammed Damak wrote that the lack of regulation was one of the main impediments to stablecoin adoption in the U.S. and has prevented a broader institutional adoption of stablecoins. 

The report also highlighted that some users were expected to move from unregulated stablecoins once a framework was in place. The author wrote that stablecoins will play an increasingly important role in on-chain transactions. The author believes that the U.S. dollar-backed virtual assets will protect users’ savings from “local monetary instability in emerging markets” or to receive payments.

Crypto counsellor for Treasury Secretary Scott Bessent, Tyler Williams, urged people that helping Congress get stablecoin legislation across the goal line was a worthy opening effort. He also argued that getting the dollar-denominated tokens on legal footing would be “a very good use case” for industry allies in Washington to push.

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