PANews Release | "2025 Global Stablecoin Industry Development Report" USD stablecoins account for 99% of the market, USDC is expected to surpass USDT by 2030.

The "2025 Global Stablecoin Industry Development Report" jointly released by PANews and the Mobile Payment Network tracks and analyzes the overall landscape of the stablecoin industry, systematically sorting through six dimensions: development history, market structure, application scenarios, global regulation, development potential, and potential risks, based on on-chain transaction data, policy developments, and industry evolution paths. Source: PANews Original Author: Frank The year 2025 is a crucial year in the development of stablecoins. In this year, stablecoins not only set records in market size and trading activity, but regulatory policies and capital attention also accelerated simultaneously. An asset class that originally originated as a "safe haven" tool within the cryptocurrency market is gradually moving towards the forefront of global payments, cross-border trade, DeFi infrastructure, and even sovereign credit. The "2025 Global Stablecoin Industry Development Report" jointly released by PANews and the Mobile Payment Network points out that stablecoins have become one of the most critical infrastructures connecting traditional finance and the crypto world, and are changing the global financial operating landscape. The report tracks and analyzes the overall stablecoin industry, combining on-chain transaction data, policy developments, and industry evolution paths, systematically sorting and analyzing it from six dimensions: development history, market structure, application scenarios, global regulation, development potential, and potential risks.

(The full report can be downloaded at the end of the document) The US dollar stablecoin holds an absolute advantage. The report found that in the global stablecoin market, the market share of US dollar stablecoins holds an absolute advantage, with an issuance volume reaching 256.4 billion USD, while fiat stablecoins from other countries are still in their infancy, with the euro stablecoin ranking second at only 490 million USD in size. The scales of yen, pound, won, and lira stablecoins range from hundreds of thousands to tens of millions of USD. From this perspective, non-US fiat stablecoins still have considerable potential.

As of July 2025, the total market capitalization of global stablecoins has exceeded $250 billion, showing significant growth compared to the beginning of the year. Among them, Tether (USDT) and Circle's USDC together account for 86.5% of the market, forming a dual oligopoly in the stablecoin sector. Meanwhile, the total on-chain transfer amount for the year has reached $36.3 trillion, surpassing the total annual transaction volume of Visa and Mastercard, becoming a new cornerstone of the global payment network. In addition, USDC has shown significant growth in 2025, with an annual growth rate of 40.9%. Based on this growth rate, USDC is expected to surpass USDT around 2030.

This outbreak is not a fleeting phenomenon, but the result of multiple forces working together: Major economies such as the US, Europe, and Hong Kong are successively advancing stablecoin legislation, and the regulatory path is becoming increasingly clear; traditional financial and technology giants like JPMorgan, BlackRock, PayPal, JD.com, and Ant Group are all getting involved; Circle, the parent company of USDC, successfully went public in the US, igniting the imagination of the capital market regarding stablecoins; users in high-inflation countries (such as Argentina, Turkey, and Nigeria) view it as a "digital dollar" hedge tool; emerging scenarios such as DeFi, RWA, and payment settlement are continuously injecting actual demand into stablecoins. From an on-chain activity perspective, there are currently over 30 million monthly active stablecoin addresses globally, and the total on-chain holding addresses have exceeded 168 million. According to Visa data, after excluding bots and exchange wallets, the proportion of transactions led by real users has increased from less than 15% in 2023 to around 22% currently, with the user structure gradually transitioning from arbitrage bots to enterprises and retail investors. From Circle to JD.com, stablecoins are entering the "mainstream battlefield" The role of stablecoins is evolving from a "trading hedging anchor" to a "mainstream asset in digital finance." Since the beginning of this year, several global tech giants and financial institutions have been increasingly investing in stablecoin arrangements: Circle Listing: Stablecoin issuer Circle successfully went public on the U.S. stock market, with a market value approaching 100 billion RMB at one point, becoming the first "quasi-systemically important financial institution" in the stablecoin industry; PayPal and Visa integrate stablecoin settlements: PayPal launched the PYUSD stablecoin, which is now available on high-performance public chains like Solana; Visa introduced USDC in B2B settlements with Worldpay; JD.com and Ant Group enter the Hong Kong stablecoin market: JD.com's stablecoin has entered the regulatory sandbox testing phase in Hong Kong, with application scenarios including cross-border payments, investment transactions, and consumer settlements; Shopify and Walmart support stablecoin payments: Retail giants are promoting the direct use of stablecoins for online retail payments through partnerships with Stripe, Coinbase, and others; Emerging public chains experience high growth: New public chains like Base and Solana attract a large number of stablecoin deployments due to low fees and high scalability, with Solana's stablecoin market value growing over 600% this year.

The joint promotion of traditional finance, internet platforms, and the native power of cryptocurrency has upgraded stablecoins from "cryptocurrency-specific settlement tools" to widely available digital payment intermediaries, which also raises higher requirements for their regulatory compliance. Structural uncertainty still exists behind the scale boom. However, behind the hot market performance, stablecoins also face many structural challenges and controversies. First is the issue of "real usage scale." The report points out that although the total transfer amount of stablecoins reaches 36 trillion dollars, as much as 70% to 80% of it is composed of "virtual traffic," such as transfers by bots and within exchanges. The actual usage scale on the C-end or enterprise side still needs to be further explored and defined. Secondly, there is the issue of "anchoring mechanism and transparency." Although USDT stands at the top of the industry, it has yet to release a complete audit report issued by the "Big Four accounting firms," and its reserve asset structure and risk exposure have long been a point of contention in the market. On the other hand, while USDC is more transparent and compliant, there are still gaps compared to USDT in terms of application popularity and ecosystem integration. In addition, there are still differences and games among the regulatory policies of various countries. Some regions have not yet opened up to the use of stablecoins, while some markets (such as Hong Kong and Singapore) actively take on the role of a testing ground for institutional innovation.

It is worth noting that the U.S. "GENIUS Act" has clearly stated that stablecoins do not fall under securities, prohibits algorithmic stablecoins, and requires that reserves be 100% high liquidity assets (such as cash and short-term U.S. Treasury bonds). If this legislation comes into effect, it will profoundly impact the operational logic of existing mainstream stablecoins and the global compliance structure. Report Highlights: A Comprehensive Overview of the Evolutionary Path of Stablecoins Across Six Dimensions The report jointly released by PANews and Mobile Payment Network provides a comprehensive overview of the development of stablecoins using on-chain statistics, classification tracking, and cross-validation of public information, covering the following six dimensions:

1. Development History: From BitUSD to USDT, DAI, USDC, a review of the ten-year evolution of stablecoins;
2. Market Landscape: Detailed analysis of the "USDT+USDC" dual oligopoly structure, distribution of public chain issuance share, monthly active user trends, and other key data;
3. Application Scenarios: Focus on the key role of stablecoins in cross-border payments, DeFi, retail payments, and RWA.
4. Global Regulation: Systematic sorting of regulatory dynamics and legislative paths of major economies such as the US, EU, Hong Kong, Japan, and South Korea.
5. Future Potential: Analyzing how stablecoins can become a global payment network, the purchasing power of U.S. Treasury bonds, and the competitive relationship with CBDCs;
6. Risk Warning: Covers potential challenges such as de-pegging, audit transparency, systemic attacks, and money laundering regulatory issues.

The report also specifically points out that non-U.S. dollar stablecoins are still in the early stages of development: the market value of euro stablecoins is less than $500 million, while the market values of stablecoins for currencies such as the yen, pound, and won are mostly in the tens of millions of dollars, indicating a huge potential for future expansion. 🔗Download report link: