In a remarkable development, stablecoin transaction volumes skyrocketed to an astonishing $33 trillion in 2025, representing a 72% year-over-year increase. This surge is attributed to the regulatory clarity and pro-cryptocurrency policies established in the United States, which significantly bolstered market confidence and adoption among both institutional and retail investors.
Leading the charge was USD Coin (USDC), which accounted for approximately $18.3 trillion in transactions. Following closely, Tether (USDT) posted around $13.3 trillion, together dominating the stablecoin market. Stablecoins, designed to maintain a stable value by pegging to real-world assets like the U.S. dollar or gold, have seen growing popularity as users seek stability in a volatile economic landscape.
The Trump administration has actively promoted stablecoins, notably through the introduction of key regulations under the GENIUS Act in July. This legislative move has fostered a welcoming environment for crypto-related activities, attracting interest from numerous institutions eager to integrate cryptocurrencies, especially stablecoins, into their operations.
Several industry giants, including Standard Chartered, Walmart, and Amazon, have expressed intentions to launch their own stablecoin variants. Noteworthy is World Liberty Financial Inc., a decentralized finance (DeFi) platform linked to the Trump family, which unveiled its stablecoin, USD1, in March 2024. The influx of new stablecoins has contributed significantly to the overall transaction volume in the cryptocurrency space.
Despite the growth in stablecoin transactions, a report revealed a notable decline in the percentage of transactions conducted on decentralized platforms. This trend suggests that many users are opting to utilize digital dollars in conventional contexts rather than through decentralized exchanges. Anthony Yim, co-founder of Artemis, highlighted this shift, asserting that the increasing adoption of stablecoins reflects a broader trend of individuals seeking security during times of global instability.
Yim emphasized that individuals from countries facing inflation and economic turmoil are increasingly turning to stablecoins as a means to safeguard their assets. He noted that stablecoins offer a practical solution for preserving wealth in a more stable currency.
Data from CoinGecko indicated that Tether”s USDT maintained its position as the largest stablecoin globally, with a market capitalization nearing $187 billion, surpassing Circle”s USDC, which had a market cap of approximately $75 billion. However, USDC led in transaction volume, a distinction attributed to the higher frequency of trades among DeFi participants who tend to rotate their positions regularly.
In contrast, USDT is frequently favored for payments and as a store of value, leading users to hold it in their wallets rather than frequently transferring it. Responding to the regulatory landscape, Dante Disparte, Chief Strategy Officer at Circle, stated that the GENIUS Act has facilitated greater adoption of USDC by providing enhanced liquidity and regulatory assurance.
Despite inquiries, Tether opted not to comment on the current market dynamics. A representative from Artemis disclosed that the firm holds less than a 1% stake in the company.
The rise of stablecoin transactions underscores a significant shift in the cryptocurrency market, reflecting evolving user behaviors and preferences in response to global economic conditions.
