Birdeye Launches Landmark Stablecoin Evolution Report in Collaboration with Perena and MoonPay

New report uncovers how stablecoins are transforming from DeFi backbone to global payment disruptor, backed by exclusive on-chain data and market insights.

[Singapore] — Birdeye, the pioneer crypto intelligence company, today announced the release of its first-ever Stablecoin Evolution Report, produced in collaboration with Perena and MoonPay. Titled “From DeFi Backbone to Payment Disruptor: How Stablecoins Evolve,” the report offers the most comprehensive look yet at the evolution of stablecoins — from their early role as tools of stability within DeFi ecosystems to their accelerating adoption as mainstream payment infrastructure.

Drawing from proprietary datasets across Birdeye, Artemis, DeFiLlama, and StableWatch among others, the report provides an unprecedented view of the stablecoin market’s explosive growth. Total stablecoin capitalization has surged from under $100 million in 2018 to over $250 billion in 2025, with new entrants such as Ethena’s USDe reshaping competitive dynamics and Solana emerging as the third-largest chain for stablecoin supply.

“The stablecoin ecosystem is evolving faster than any other sector in crypto, and the industry needs clarity,” said DJ Hà Trang, Head of Research at Birdeye. “We built this report to give the market a data-driven map of where stablecoins are heading — from DeFi’s core liquidity layer to a global payment infrastructure. By combining deep on-chain analytics with insights from pioneers like Perena and MoonPay, our goal is to help builders, institutions, and policymakers understand the scale of what’s coming next.”

The report highlights key structural shifts in the stablecoin sector:

• The rise of synthetic dollars like USDe and USD*, which combine crypto collateral, delta-hedging, and yield strategies.
• The dominance of Ethereum and Tron (80% of supply) alongside Solana’s rapid climb from $2.2B to $11.4B supply in one year.
• The emergence of yield-bearing stablecoins, which have grown nearly 14-fold since 2024 and distributed over $900 million in yield.
• The transition from DeFi to payments, with stablecoin volumes surpassing Visa ($2.3T vs $1.3T in 2024) and payment-focused initiatives like Stripe’s Bridge acquisition, MoonPay’s Mastercard integration, and Fiserv’s FIUSD entering the field.
• A record wave of investment, with over $5.5 billion poured into stablecoin payment infrastructure in 2025 through IPOs, acquisitions, and token sales.
  

“The stablecoin space is entering its most pivotal phase yet,” said Anna Yuan, Founder at Perena. “This report captures that shift: from stablecoins being niche DeFi utilities to becoming the backbone of a new internet-native financial system.”

“Stablecoins play an increasingly important role in the global financial system,” said Ivan Soto-Wright, co-founder and CEO of MoonPay.“Understanding how the market has evolved gives us clearer insight into its growth and the forces shaping its next phase.” 

The Stablecoin Evolution Report also examines regulatory catalysts, including the EU’s MiCA framework, the U.S. GENIUS Act, and Hong Kong’s Stablecoins Ordinance — which are creating clear pathways for banks, fintechs, and non-bank issuers to enter the stablecoin market.

About Birdeye

Birdeye is the pioneer crypto intelligence company that focuses on empowering traders, builders and institutions with real-time and customizable blockchain data. Our growing product suite enables fair access to high-impact crypto intelligence and opportunities on Solana, Sui and major EVM chains. 

Birdeye.so is the all-in-one trading data tool built for alpha traders that offers real-time price charts, smart money flows, undiscovered gems, and rich historical data across 300+ exchanges. Birdeye Data Services (BDS) is a high-performance data provider that delivers real-time, accurate, and comprehensive on-chain data across tokens, wallets, trades, and protocols.

About Perena

Perena is a stablebank that delivers a modern, liquid savings token powered by composable currencies. At its core is USD*—an income-backed synthetic stablecoin built on tokenized Treasuries and diversified with secured lending and low-beta income strategies.

Built on Solana’s high-performance blockchain, Perena delivers a full suite of stablecoin-native infrastructure: yield-generating vaults, capital-efficient liquidity layers, and composable assets designed to serve as collateral, store of value, and medium of exchange. Every asset in the Perena ecosystem is risk-isolated, transparently managed, and optimized for capital velocity.

About MoonPay

MoonPay simplifies access to buy, sell and trade crypto using everyday payment methods like cards, Apple Pay, PayPal and Venmo, while also providing simple tools to send, receive and manage stablecoins. Whether you are new to digital money or a company exploring new ways to use it, MoonPay provides the trusted infrastructure to onboard users into the blockchain-based financial ecosystem safely and seamlessly.

With over 30 million customers and powering the infrastructure for nearly 500 companies across the decentralized economy, MoonPay is a key driver behind mainstream crypto adoption. It is fully licensed in the U.S. and regulated in the UK, EU, Canada and Australia—and has been certified for its enterprise-grade security.

Media Contact:

Kate Ha
Marketing Manager
Birdeye
Email: [email protected]