Circle stablecoin users surged to 35 million, with $75 billion in supply flowing into L2 networks such as Solana, Base, and Arbitrum.

Circle's issuance of USDC and EURC stablecoins is set to experience explosive growth in 2025, with the number of holders reaching 35 million, doubling from early 2025. Circle's total supply (including USDC, EURC, and interest-bearing products) has reached a record $75 billion. Notably, this $75 billion expansion is no longer limited to Ethereum, but is flowing significantly into Solana, Base, Arbitrum, Polygon, and other L2 and alternative L1 networks. Although the total amount of stablecoins on Ethereum has reached $184 billion, the simultaneous acceleration of trading volume indicates that capital is circulating and being utilized on a large scale and efficiently.

Demand Surge: Circle Stablecoin User Base Doubles in One Year

The stablecoin under Circle is penetrating the crypto ecosystem at an unprecedented speed, and its massive rise in user base signifies a new phase of on-chain finance.

• User scale breakthrough: The number of holders of the stablecoin issued by Circle has reached 35 million, doubling compared to early 2025.
• Multi-chain synchronous growth: Token Terminal data shows that this growth is broad-based, covering mainstream blockchain networks such as Ethereum, Solana, Base, Arbitrum, and Polygon.
• Significant traction for L2: Although Ethereum remains the primary settlement layer, Base has shown a particularly steep user growth curve in recent months, indicating that stablecoin distribution on L2 is gaining substantial traction.

Supply-side changes: $75 billion expansion, multi-chain pattern replaces “Ethereum first”

The total issuance supply of Circle (including USDC, EURC, and interest-bearing structures) has risen to a historic high of 75 billion USD, and the capital distribution model has undergone fundamental changes.

(Source: Token Terminal/X)

• Record Supply: Circle's outstanding total supply has climbed to $75 billion.
• Multi-chain networks attract capital: Unlike the previous cycle, Token Terminal's supply chart shows a broader combination of chains. Although Ethereum remains the base layer, L2/L1 such as Solana, Base, Arbitrum, Polygon, and OP Mainnet are collectively capturing an increasingly larger share of the issuance.
• New distribution curve: The expansion rate after 2024 is steeper than the construction period from 2021 to 2022, indicating that this round of surge represents a new distribution curve, where L2 and alternative L1 are absorbing a large amount of new capital.

Key Indicators: $184 billion in Ethereum stablecoins is no longer “idle”

The stablecoin base on Ethereum has reached 184 billion USD, an increase of over 100 billion USD since January 2024. More importantly, this massive capital is being put to actual use.

• Volume and supply accelerate in sync: The accelerated rise in stablecoin transfer transaction volume occurs simultaneously with the increase in supply, rather than lagging behind.
• Accelerated capital flow: This indicates that the addition of 35 million holders and the $75 billion expansion of Circle's supply is not merely “passive storage”; capital is turning over quickly.
• Improved efficiency: In contrast to the pattern of supply growth but stagnant throughput from 2021 to 2023, the pattern from 2024 to 2025 shows that issuance and flow rates are rising in sync, indicating that on-chain USD is being circulated and used on a large scale, rather than just being parked as an asset.

L2 Track Outlook: Solana, Base and Arbitrum Become New Growth Engines

High-performance networks and L2 solutions such as Solana, Base, and Arbitrum are becoming the main beneficiaries of stablecoin expansion, with their efficiency and low costs being key to driving the practical application of stablecoins.

• Efficiency Advantage: These networks offer faster transaction speeds and lower Gas fees, greatly improving the daily usage experience of stablecoins.
• Ecosystem Catalyst: The widespread distribution and use of stablecoins on these networks will catalyze the development of ecosystems such as DeFi, GameFi, and Real World Applications (RWA).
• Insights from Base Mode: The surge in Base's user curve proves the immense potential of L2 solutions in attracting new stablecoin users.

Conclusion

The expansion of Circle's stablecoin to $75 billion and the achievement of 35 million users marks the arrival of a “new phase” for cryptocurrency as on-chain funds. Capital is no longer “idle” but is circulating on high-performance L2 networks such as Solana, Base, and Arbitrum on a large scale and efficiently. This trend of multi-chain distribution and accelerated volume is the strongest proof that stablecoins are moving from a technical concept to large-scale practical application, solidifying their position as the cornerstone of the crypto economy.