The stablecoin supply jumped $100 billion to a total of $314 billion in 2025. Tether leads in transaction activity, followed by Ripple’s RLUSD and Circle’s USDC. The Trump-backed USD1 reached the top 5 just months after April launch.
Tether tops the list with a velocity of 166 because it’s long been a workhorse for global crypto trading. The bulk of Tether tokens get traded on Ethereum (46.3%) and Tron (41.4%), according to DeFi Llama data.
Ripple Labs’ stablecoin, RLUSD, swiped the second spot with a velocity of 71. USDC saw its velocity reach 56 in 2025, while its market capitalization climbed 78% to $78.4 billion by December 15.
USD1 is an outlier because it launched in April, and therefore doesn’t have nearly a full year’s worth of data. But that didn’t stop it from landing right next to the podium with a velocity of 39.
PayPal USD’s velocity of 18 lands it in fifth place on this list. Ethena Labs’ USDe demonstrated a velocity of 11 in 2025, with its market capitalization showing a modest gain of 11% from $5.8 billion in January to $6.5 billion by December 15. Sky’s USDS showed extremely low velocity of 1 in 2025—and that’s by design.
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