- DEX volume surged 460% since June 2023, highlighting explosive DeFi growth alongside rising active loans and stablecoin supply.
- Stablecoin supply grew 83% with consistent momentum, reflecting rising global demand for digital dollars across volatile market phases.
- Major retailers like Amazon and Walmart explore stablecoins as experts forecast a billion users could onboard via digital dollar adoption.
The decentralized finance (DeFi) sector has experienced exponential growth across key metrics since June 2023. According to Token Terminal, monthly DEX volume surged by 460%, while active loans grew 357%. Stablecoin supply also climbed by 83%. This growth reflects increasing user engagement and the adoption of blockchain-based financial tools. This expansion is one of DeFi’s strongest performance streaks in recent years.
Besides, the data shows DEX volume undergoing the most volatility. Monthly fluctuations ranged from negative territory to spikes above 650%, with major peaks in late 2024. At its highest point, DEX volume nearly hit 700% growth. Consequently, the sharp uptrend signals a maturing trading ecosystem increasingly fueled by decentralized protocols.
Active Loans and Stablecoin Supply Rise Steadily
Active loans followed a similar trajectory but displayed less volatility. The orange line tracking this metric shows steady increases through mid-2024. It then accelerated sharply, reaching a growth rate of over 350% during periods of peak market activity. Moreover, the correlation between DEX volume and active loans suggests tightly linked trading and lending activity. These two indicators moved in tandem throughout late 2024 and early 2025.
Stablecoin supply showed a more stable path. The green line tracking supply rose consistently from baseline to over 80% growth. Unlike the volatile trends seen in DEX activity, stablecoin supply maintained upward momentum with fewer disruptions. Hence, this indicates rising global demand for digital dollar equivalents regardless of market turbulence.
Big Tech Eyes Stablecoins Amid Growing Demand
Meanwhile, traditional tech and retail players are entering stablecoin. Reports indicate that Amazon and Walmart are exploring US dollar-backed tokens. Additionally, Shopify plans to integrate Circle’s USDC into its payment systems by late 2025. This movement could expand stablecoin utility across mainstream platforms.
A16z Crypto experts believe stablecoins will lead mass adoption. Data scientist Daren Matsuoka sees them as crypto’s gateway for a billion users. Furthermore, Circle CEO Jeremy Allaire echoed the sentiment, calling stablecoins “the highest utility form of money ever created.” However, Allaire also noted the market is not yet at its “iPhone moment.” Still, he believes that breakthrough adoption is near.
