Solana, Base, and Arbitrum are at the forefront of a transformative shift in the stablecoin ecosystem, as Circle’s USDC and EURC reach unprecedented adoption levels. With over 35 million unique users and a combined supply topping $75 billion, Circle’s stablecoins are no longer limited to Ethereum — they’re now thriving across Layer 1 and Layer 2 networks, signaling a new phase of real-world utility and capital movement on-chain.
Since late 2024, the pace of stablecoin adoption has accelerated dramatically. The number of users holding Circle-issued stablecoins has doubled compared to early 2025, reflecting a surge in demand and broader usage. Ethereum, long considered the backbone of stablecoin activity, has seen its stablecoin base climb to a staggering $184 billion — an increase of more than $100 billion since January 2024. But what’s more noteworthy is not just the growth in supply, but the heightened velocity of capital moving across the network, indicating that stablecoins are being actively used rather than merely held.
This marks a distinct break from earlier trends. Between 2021 and 2023, supply growth often outpaced actual usage, resulting in idle capital sitting on-chain. In 2025, however, the ecosystem is different: increased supply is now occurring alongside higher transfer volumes. That means Circle’s stablecoins are being used for real economic activity — from DeFi to payments and beyond.
Layer 2 networks are playing a crucial role in this evolution. Base, Arbitrum, and Solana have emerged as key platforms absorbing the expanding stablecoin liquidity. According to data from Token Terminal, Base in particular has experienced a sharp uptick in user adoption over recent months, signaling that Layer 2s are no longer secondary options — they’re becoming primary destinations for stablecoin usage.
The diversification of stablecoin issuance beyond Ethereum is another major shift. While Ethereum remains the dominant settlement layer, the distribution of Circle’s supply now spans across Solana, Arbitrum, Base, Polygon, and OP Mainnet. This broader chain mix suggests a structural transformation in where and how stablecoins are being used, pointing to multi-chain interoperability and scalability as critical components of the next phase of stablecoin growth.
Base, developed by Coinbase, has seen exponential user growth due to its seamless integration with Ethereum and low transaction costs. Its rapid adoption underscores the growing demand for efficient, scalable environments where stablecoins can be transacted at high speed and low cost. Meanwhile, Solana’s high throughput and negligible fees have made it a favored platform for real-time payments and microtransactions, further expanding the reach of Circle’s stablecoins.
Arbitrum, with its optimistic rollup technology, offers a middle ground — maintaining Ethereum’s security while significantly reducing gas fees. This has attracted a wide range of DeFi applications, many of which are now integrating USDC and EURC as core assets for lending, trading, and liquidity provision.
The significance of this expansion becomes clear when comparing it to the historical growth curve. The current trajectory, post-2024, is notably steeper than the 2021-2022 period. This isn’t just a recovery — it’s a new wave of adoption, powered by a more diverse and dynamic ecosystem. The capital influx into alternative L1s and L2s indicates a redistribution of network activity, moving away from Ethereum-centricity toward a truly multi-chain future.
Yield-bearing stablecoin structures are also contributing to this growth. Products offering interest on USDC and EURC holdings are attracting both institutional and retail users seeking stable returns without exposure to volatile crypto assets. These financial instruments are facilitating deeper capital engagement and increasing the utility of stablecoins as more than just a digital dollar.
Looking forward, the momentum shows no signs of slowing. With more enterprises exploring blockchain-based payment systems and decentralized finance becoming more user-friendly, the number of stablecoin users could easily double again by 2026. Circle’s ecosystem is positioned to benefit from this trend, given its regulatory compliance, transparent reserves, and expanding cross-chain infrastructure.
Moreover, the integration of stablecoins into real-world commerce is gaining traction. From online marketplaces to cross-border remittances, USDC and EURC are increasingly being used as mediums of exchange rather than just stores of value. This real-world application is essential for mainstream adoption and could drive further growth in transaction volume.
In conclusion, Circle’s $75 billion expansion is not just a milestone — it’s a signal of a larger transition in the crypto economy. As stablecoins become more embedded in on-chain and off-chain financial systems, platforms like Solana, Base, and Arbitrum are proving to be critical enablers of scalable, high-velocity digital finance. The era of passive stablecoin storage is ending; a new age of active, interoperable, and multi-chain capital is just beginning.