ARK Invest: After the shock in October, stablecoin growth stagnated, with Base leading in trading volume.

According to a report by Bijie Network: The Q4 2025 report released by ARK Invest shows that DeFi has solidified its position as the settlement layer for cryptocurrencies. Despite a slowdown in growth after October, the stablecoin supply still exceeds $300 billions. Base led stablecoin trading volume, reaching $3 trillions, a month-on-month increase of 121%, while Ethereum's L2 ecosystem processed 58% of total transaction volume. USDC's trading volume further expanded, and tokenized RWA grew to approximately $19 billions. Spot DEX trading volume reached about $1.1 trillions, but due to volatility in October, network revenue fell 27% month-on-month to around $473 millions.