Stablecoins Are Thriving Despite The Crypto Storm

In an uncertain macroeconomic context, a clear trend is emerging: stablecoins are entering into an independent bull market, according to asset manager VanEck in its April 2025 report. While smart contract platforms like Solana and Ethereum are experiencing a significant slowdown, stablecoins are gaining ground at high speed within the crypto ecosystem.

Crypto: stablecoins are establishing themselves as safe-haven assets

Nearly 10 billion dollars were injected into stablecoins in March 2025, a strong sign of adoption despite declining yields (3 to 5%, down from 10% at the beginning of the year). This crypto dynamic is supported by the rise of tokenized Treasury Bills, whose issuance surged by 26% to exceed 5 billion dollars. These figures come as Binance has just terminated USDT in Europe.

This “silent bull market” of stablecoins illustrates a shift in strategy: investors are seeking stability, liquidity, and quick access to markets. Tether (USDT) and USDC continue to dominate, but volumes on chains like Tron and Ethereum confirm the systemic utility of these crypto assets. Even if yields are eroding, confidence in stablecoins remains strong, proof of their growing status as safe assets in a tense economic climate.

Solana and Ethereum in trouble

In contrast, revenues and trading volumes on smart contract platforms have dropped: -36% for revenues, -40% for volumes in March. Solana is particularly affected, with a 66% drop in daily fees and a 53% decrease in DEX volumes.

After briefly surpassing Ethereum in February, Solana loses its top position, impacted by a waning interest in memecoins — a segment that was dominant on its DEX — due to scandals that have cooled retail traders. According to VanEck, this slowdown can be explained by a temporary disinterest among crypto users for decentralized applications, worsened by the ongoing regulatory complexity in the United States.

The contrast is striking: stablecoins are emerging as the most robust engine of Web3, while historical blockchains are navigating a zone of turbulence. For crypto investors, stability is taking precedence over speculation, in a world where geopolitical uncertainty weighs heavily, especially at this moment when France and Europe are preparing to retaliate against Trump’s tariffs.