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Stablecoins quietly crossed a milestone in 2025, cementing their role as the plumbing of global digital finance as transaction volumes surged to levels that rival major payment networks.
Summary
- Stablecoins—cryptocurrencies pegged to assets such as the U.S. dollar—benefited from regulatory clarity after the Trump administration pushed through dedicated legislation under the Genius Act in July.
- Adoption among banks, retailers, and tech giants spiked. Firms including Standard Chartered, Walmart, and Amazon exploring stablecoin launches.
- Regulators such as the IMF have warned that stablecoins could disrupt traditional finance.
Total stablecoin transaction volumes jumped 72% last year to $33 trillion, fueled by growing institutional adoption, according to Bloomberg, citing data from Artemis Analytics.
The boom was led by $USDC, which processed $18.3 trillion in transactions, followed by Tether’s USDT at $13.3 trillion.
Despite rising volumes, activity shifted away from decentralized crypto platforms, signaling broader real-world usage.
Artemis co-founder Anthony Yim said the trend points to “mass adoption of digital U.S. dollars,” particularly as inflation and geopolitical instability drive demand for dollar-based assets globally. In such environments, stablecoins offer the simplest on-ramp to dollar exposure.
$USDC dominates decentralized finance, where frequent trading and lending cause the same tokens to be reused multiple times, amplifying transaction volumes. Tether, by contrast, is more commonly held for payments or as a store of value, resulting in lower turnover. Tether remains the largest stablecoin by market value at $187 billion, far ahead of $USDC’s $75 billion.
While regulators such as the IMF have warned that stablecoins could disrupt traditional finance, growth shows no sign of slowing. Fourth-quarter volumes alone hit a record $11 trillion, and Bloomberg Intelligence projects total stablecoin payment flows could reach $56 trillion by 2030.
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