Driven by favorable policies in the United States, spearheaded by a pro-crypto Trump administration, stablecoin transaction volume soared to a historic high in 2025. Data shows that the total annual stablecoin transaction volume surged by 72% year-over-year, reaching $33 trillion. Among them, the digital dollar USDC, issued by Circle Internet Group (CRCL), led with a transaction volume of $18.3 trillion, followed closely by USDT from Tether Holdings SA at $13.3 trillion.
Stablecoins are cryptocurrencies designed to maintain a stable value relative to mainstream assets, typically the U.S. dollar. The Trump administration has welcomed them and, in July of last year, advanced dedicated legislation under the framework of the Genius Act. This legislative progress has facilitated broader institutional adoption of the technology, with heavyweight institutions such as Standard Chartered Bank, Walmart (WMT), and Amazon (AMZN) exploring their issuance. The Trump family-linked crypto project, World Liberty Financial, also launched a stablecoin called USD1 in March last year.
Despite the overall increase in fund flows in 2025, the share of transaction volume on decentralized crypto platforms declined, indicating that the use of stablecoins is further moving toward the mainstream. According to data, USDT ranks first globally among stablecoins by circulating market value, at $187 billion, far surpassing USDC’s $75 billion. However, transaction flow data shows that USDC dominates in practical usage.
USDC is the most popular stablecoin on decentralized finance (DeFi) platforms. DeFi platforms facilitate lending or trading activities through automated blockchain software. In contrast, USDT is more commonly used for daily payments, commercial settlements, or as a store of value, with users often holding it in wallets rather than frequently circulating it.
Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle, stated that the Genius Act “establishes a clear legal standard for stablecoins,” and users choose USDC “because it provides the deepest liquidity globally and the highest level of regulatory trust.”
Although the United States and several other countries have embraced stablecoins, some institutions remain cautious. In October last year, the International Monetary Fund (IMF) warned that the stablecoin market could threaten traditional credit systems, weaken the effectiveness of monetary policy, and trigger a run on traditional safe assets.
Nevertheless, the growth momentum of stablecoins continues to accelerate. Data shows that stablecoin transaction volume in the fourth quarter of 2025 reached a record $11 trillion, up from $8.8 trillion in the third quarter. Analysis predicts that by 2030, the total scale of stablecoin payments could reach $56 trillion.
