The year 2025 marked a historic milestone for the crypto market as stablecoin transactions soared to an unprecedented $33 trillion, reflecting a 72% year-over-year increase. Analysts attribute this growth to greater regulatory clarity and the supportive stance of the U.S. government on crypto assets.


USDC Leads the Market – Tether Close Behind

Of the total transaction volume, USD Coin (USDC) by Circle accounted for approximately $18.3 trillion, while Tether's USDT recorded around $13.3 trillion, together dominating stablecoin activity.

Stablecoins – cryptocurrencies pegged to real-world assets like the U.S. dollar or gold – are seeing rising adoption among both retail and institutional users. This trend has been accelerated by the Trump administration, which introduced crucial regulatory frameworks in July 2025 under the GENIUS Act, creating a favorable environment for stablecoin growth.


Institutions Like Walmart and Amazon Plan Their Own Stablecoins

This regulatory shift has attracted major players. Companies such as Standard Chartered, Walmart, and Amazon have all announced plans to issue their own stablecoins. Additionally, new initiatives have emerged, including USD1 by World Liberty Financial Inc., a DeFi platform with ties to the Trump family, which launched its stablecoin in March 2025.

As more companies entered the stablecoin market, the total volume of transactions surged. However, analysts noted a steep decline in the percentage of transactions conducted on decentralized platforms. This led to the conclusion that the majority of users are now utilizing digital dollars in everyday, real-world contexts rather than DeFi ecosystems.


Global Instability Drives Demand for Digital Dollars

According to Anthony Yim, co-founder of the analytics firm Artemis, people in countries experiencing inflation and political unrest are increasingly turning to stablecoins as a safe haven. These digital assets allow them to store value in dollars without relying on banks or physical cash.


USDT Tops in Market Cap, USDC Leads in Volume

Data from CoinGecko revealed that USDT by Tether remains the world’s largest stablecoin by market capitalization, reaching $187 billion in circulation in 2025. Meanwhile, USDC’s market cap stood at approximately $75 billion, but it outpaced USDT in total transaction volume.

This difference is explained by user behavior, Artemis noted. While USDT is preferred as a payment method or store of value and tends to sit in wallets, USDC is more actively used by DeFi traders who frequently move funds and rebalance positions.


GENIUS Act Strengthens Trust and Adoption of Stablecoins

The GENIUS Act was introduced to provide regulatory certainty, support innovation, and protect consumers. According to Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, the new framework has boosted confidence in USDC due to its liquidity, transparency, and regulatory reliability.

When asked to comment, Tether declined to respond. Meanwhile, Artemis clarified that it holds less than 1% exposure to Tether, underscoring its focus on other areas of the market.

#Stablecoins , #USDT , #USDC , #GENIUSAct , #blockchain

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