In an uncertain macroeconomic context, a clear trend is emerging: the stablecoins enter an independent Bull Market, according to the active manager Vaneck in his April 2025 report. While smart contract platforms like Solana and Ethereum undergo a clear slowdown, the stablecoins gain high -speed terrain in the crypto ecosystem.
Crypto: stablecoins stand out as active refuge
Nearly $ 10 billion was injected into stablecoins in March 2025, a strong adoption sign despite declining yields (3 to 5 %, compared to 10 % at the start of the year). This dynamic crypto is supported by the rise of Treasury Bills tokenized, whose program jumped 26 % to exceed $ 5 billion. Figures that intervene while Binance has just ended the USDT in Europe.
This “ Bull Market Silent Stablecoins illustrates a change in strategy: investors seek stability, liquidity and rapid access to markets. TETHER (USDT) and USDC continue to dominate, but over -support volumes like Tron and Ethereum confirm the systemic utility of these crypto assets. Even if Yields crumbleconfidence in the stablecoins remains solid, proof of their growing status of safe assets in a tense economic climate.
Solana and Ethereum in difficulty
Conversely, income and discussion volumes on smart contract platforms drop: -36 % for income, -40 % for volumes in March. Solana is particularly affected, with a 66 % drop in daily costs and 53 % of DEX volumes.
After having briefly surpassed Ethereum in February, Solana lost its first place, impacted by a disinterest in the same – segment which is dominant in its Dex – because of scandals which have cooled the particular traders. According to Vaneck, this loss of speed is explained by a temporary disaffection of crypto users for decentralized applications, aggravated by persistent regulatory complexity in the United States.
The contrast is therefore striking: the stablecoins emerge as the most robust engine on the web3, while the historical blockchains cross a zone of turbulence. For crypto investors, stability takes precedence over speculation, in a world where geopolitical uncertainty weighs heavily, especially when France and Europe are preparing to retaliate at Trump customs tariffs.
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