Important collection meal
Stablecoin on-chain volume reached $ 1.5 trillion in July, indicating a Defi-rehearsal that was fed by the Rally of Ethereum and regulatory clarity. Although USDC led in Defi use, USDT remains dominant by delivery, with a renewed momentum on loan platforms.
Decentralized Finance (Defi) seems to get the momentum back, with the Stablecoin activity becoming a new peak.
In July 2025, Stablecoins included More than $ 1.5 trillion in the volume on the chain, the highest monthly figure ever, according to blockchain analysis company Sentora (formerly IntotheLlock).
Source: Sentora/X
Graphs show that this increase continues a strong upward trend that started earlier this year, which marks a sharp rebound of the $ 950 billion of January and strengthen the vital role of Stablecoins in Defi’s Revival.
In just the first five days of August, Stablecoin transactions on the chain generated nearly $ 200 billion volume, which put the market on the right track to amount to $ 1.2 trillion for the month.
Much of this renewed activity is powered by the strong performance and rising price of Ethereum, which has re -explained the interest in the Defi Ecosystem.
In addition, Defi’s total value has locked (TVL) a highest peak of $ 179 billion, fed by inflow into liquid deployment protocols and the climb from ETH to $ 4,000.
All in all, these trends emphasize the growing acceptance of Stablecoins for transactions on chains, especially in the light of the recent passage of the US Genius Act, which officially regulates Fiat-Pegged digital tokens.
USDC vs USDT
In this increase, Circle’s USDC has emerged as the dominant force in Defi Stablecoin transactions in 2025, consistently accounting for 40-48% of all Stablecoin volume on the chain.
On the other hand, Tether’s USDT and Makerdao’s DAI have contributed less, good for around 20-27% and 17-33% of the volume, depending on the month.
Together, these three Stablecoins form more than 90% of the monthly activities on the chains, with only Ethena’s [ENA] Usde comes close to a modest 3%.
While USDC leads volume, USDT quietly wins soil, especially on Defi protocols.
In particular the number of USDT supplied on an aave [AAVE] has risen by 123% this year, reached to nearly $ 7.5 billion, which indicates a revival of his demand on the chain.
Emphasize which sentora added”
“The amount of USDT that is delivered on @Aave has increased by 123% since the beginning of this year and is approaching $ 7.5 billion.”
Source: Sentora/X
Does USDT lose ground?
Despite the stronghold of USDC in the activities on the chain, USDT remains the largest stablecoin through offer, with a market dominance of 61.41% with a circulating value of $ 164.70 billion, an increase of 3.28% in the past month.
In the meantime, the concern for the security of USDC also recently gained after a user lost more than $ 908,000 to a wallet-permeable scam linked to an old contract approval.
Nevertheless, Circle continues to move forward with his growing plans and recently announced an ambitious fundraising movement to secure up to $ 624 million via a public offer, aimed at a fully diluted valuation of $ 6.7 billion.