Stablecoin Market Hits Record $310 Billion as Usage Shifts to Settlement
Regulatory reserve mandates plus bank‑card integrations are cementing dollar‑pegged tokens as everyday payment infrastructure.
Overview
- On‑chain stablecoin transactions surpassed $40 trillion in 2025, with activity led by settlement, treasury operations, payroll, and cross‑border payouts.
- USDT holds about 62% of supply and USDC about 26%, leaving roughly 93% of issuance anchored to U.S. frameworks and reserves.
- New EU MiCA and U.S. GENIUS Act rules require 100% liquid reserves and public attestations, spurring participation by at least 10 major banks alongside Visa and Mastercard integrations.
- Reported unit economics show 58–94% lower costs in high‑friction corridors with settlement times falling from days to minutes, driving real‑world adoption.
- Issuers now hold more than $120 billion in U.S. Treasuries, with projections indicating stablecoin‑related holdings could approach $1 trillion by 2028.