The stablecoin market has surged to an unprecedented $228 billion, according to new research, a record high driven by a wave of adoption from major global banks and Fortune 500 companies who are increasingly turning to digital dollars for their efficiency and speed. This marks a $33 billion, or 17%, increase in the total stablecoin market cap since the start of 2025.
According to Leon Waidmann, Head of Research at Onchain Foundation, this growth shows that the current market cycle “is far from over.”
Stablecoin market cap hits an all-time high!
🔸NOW at $228B.
🔸Up $33B (+17%) this year alone.
Centralized exchanges now hold more stablecoins than ever.
Liquidity keeps growing.
This cycle is far from over! pic.twitter.com/TcZBHX6rr1
— Leon Waidmann 🔥 (@LeonWaidmann) June 12, 2025
The milestone comes as Bitcoin hovers just below its all-time high, briefly touching $110,000 before retracing to $107,000.
Global Banks from Paris to Asia Enter the Stablecoin Arena
The use of stablecoins in traditional finance is also spreading with Societe Generale, France’s third-largest bank, announcing its plans to issue a publicly tradable dollar-backed stablecoin named USD CoinVertible via its digital asset unit, SG-FORGE.
This makes SocGen the first major global bank to enter the stablecoin arena in a public and regulated capacity. The token will be launched on Ethereum and Solana, with trading expected to begin in July.
Meanwhile, in the United States, US Bancorp has revived its crypto custody business under the pro-crypto Donald Trump administration. CEO Gunjan Kedia stated that the product had stagnated under the Biden-era regulatory clampdown, but with Trump unwinding much of the SEC’s past crypto enforcement, institutional demand is making a comeback.
Related: Chainlink Facilitates Secure Exchange of Hong Kong CBDC and Australian Stablecoin
Additionally, in Asia, Ant Group, a financial giant affiliated with Alibaba, is seeking stablecoin licenses in Singapore, Hong Kong, and Luxembourg. Bloomberg reports this is part of a broader strategy to strengthen its blockchain business, marking one of the most aggressive expansions into stablecoin services by a Chinese company.
Fortune 500 Interest in Stablecoins Has Tripled, Report Finds
The appeal of stablecoins isn’t limited to financial institutions or crypto natives. A new Coinbase report reveals that interest in stablecoins among Fortune 500 companies has more than tripled in the past year–from 8% in 2024 to 29% in 2025. Executives cited slow transaction speeds and high fees in traditional banking systems as driving factors.
Related: Bitcoin Rally Faces Headwinds as Matrixport Report Points to Weakening U.S. Economy
Even smaller firms are getting on board. Among small and medium businesses (SMBs) surveyed, 81% expressed interest in using stablecoins, up from 61% last year. Additionally, 46% said they are likely to use crypto within the next three years, underscoring stablecoins’ growing role as a bridge between traditional finance and the digital economy.
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