Solana, Base, and Arbitrum: How L2s are absorbing Circle’s $75B expansion
Key Takeaways
How many individuals now use Circle’s stablecoins?
Over 35 million customers, doubling since early 2025.
How large is the stablecoin market on Ethereum now?
It has reached $184 billion, with sooner transaction development and actual on-chain utilization.
Circle’s [USDC] stablecoins are booming in 2025.
USDC and EURC now have 35 million customers, and Circle’s complete provide and yield merchandise have hit a report $75 billion. In the meantime, stablecoins on Ethereum [ETH] have grown to $184 billion, including virtually $100 billion since January.
With sooner transfers and extra exercise, a brand new section of actual on-chain cash use and effectivity is taking form!
35 mln stablecoin holders, doubling in 2025
Circle-issued stablecoins reached 35 million holders, double the depend seen at the beginning of 2025. Token Terminal data confirmed this rise was broad-based throughout Ethereum, Solana [SOL], Base [BASE], Arbitrum [ARB], and Polygon [MATIC].
Supply: Token Terminal/X
Ethereum remained the dominant settlement rail, however the chart confirmed Base’s sharp person curve in latest months, indicating that L2 stablecoin distribution was gaining materials traction.
The gradual development from 2022 to 2023 is over.
Since late 2024, stablecoin adoption has surged once more. From late 2024 to mid-2025, USDC’s provide and variety of holders have risen collectively, exhibiting sturdy, linked development fairly than separate developments.
$75 bln excellent provide, and now not simply Ethereum-first!
Circle’s complete excellent provide (together with USDC, EURC and yield-enabled buildings) climbed to $75 billion. Token Terminal’s supply chart confirmed a wider chain combine than prior cycles.
Supply: Token Terminal/X
Ethereum nonetheless anchors the bottom layer, however Solana, Base, Arbitrum, Polygon and OP Mainnet collectively account for a rising share of issuance.
The post-2024 enlargement leg was additionally materially steeper than the 2021-2022 construct, indicating this surge was a brand new distribution curve, with L2s and different L1s absorbing significant new capital.
Ethereum’s $184 bln base isn’t idle
Ethereum carried greater than USD 184 billion in Stablecoin Provide, a rise of greater than $100B since January 2024. However the extra vital shift is that switch quantity has accelerated alongside provide, not lagged it.
Supply: Token Terminal/X
This implied that the brand new holders (35 million) and the $75 billion Circle provide enlargement weren’t simply passive storage; capital is popping over. The 2021-2023 sample noticed provide development with out equal throughput.
In distinction, 2024-2025 reveals rising velocity in tandem with issuance, which implies that on-chain {dollars} are shifting (and getting used) at scale, not merely parked.
