As of August 2025, the global market capitalization of stablecoins has risen to approximately $280 billion, continuing to grow compared to last year, with stablecoins accounting for about 7% of the entire cryptocurrency market. Other statistics show that the total market capitalization of mainstream stablecoins has also reached $262.5 billion, an increase of about 40 times since 2020. Trading activity has similarly rebounded: at the beginning of 2025, the transfer volume of stablecoins on Ethereum showed an upward trend, indicating that traders and DeFi are regaining confidence, although it has not yet returned to the peak levels of the same period in 2024.
In the United States, the "GENIUS Act" (the U.S. "Guidance and Establishment of a National Stablecoin Innovation Act") was officially signed into effect in July 2025, establishing clear regulatory standards for stablecoins, including 1:1 reserve requirements, auditing and compliance disclosures, regulatory registration, and consumer protection mechanisms. This marks a shift of stablecoins from marginal innovation to controlled assets.
In the European Union, in response, the EU is also accelerating the advancement of the digital euro plan and seriously considering the adoption of public chains such as Ethereum or Solana technology to enhance competitiveness and strategic autonomy.
At the same time, U.S. experts point out that having laws alone is not enough; the actual growth of stablecoins also requires infrastructure support, such as regulatory custody, security standards, transparency of fund flows, real-time asset proof, and the ability to connect with capital market systems.
In 2025, yield-bearing stablecoins became the market focus, as they not only peg to the U.S. dollar but also automatically generate returns for holders through smart contracts. For example, protocols like Ethena's USDe have gained popularity, with market lock-up amounts reaching hundreds of millions of dollars.
Meanwhile, tokenized real-world assets (RWA) as backing for stablecoins have also attracted attention. As of August 2025, the total on-chain RWA scale reached approximately $26.59 billion, primarily supported by government bonds and money market fund products, led by BlackRock, Franklin Templeton, and Ondo Finance.
Institutional visions are trending towards integration: it is expected that in the short term, tokenized funds and notes will be deeply coupled with stablecoins, while in the medium to long term, this will expand to structured finance and capital market infrastructure.
A Fireblocks report indicates that 90% of payment platforms have begun to actually deploy stablecoins, with 48% believing speed is the greatest advantage, and 86% willing to implement immediately, indicating that stablecoins have moved from concept to large-scale application.
The momentum for cross-border payments has significantly increased: in the first half of 2025, the number of press releases related to stablecoins and cross-border payments grew by over 1000% year-on-year, far exceeding the overall growth rate. This reflects that stablecoins are becoming an important transformative force in the global payment system.
Despite the growth in scale, stablecoins still face "significant redemption risks." Research indicates that both concentrated and decentralized arbitrage mechanisms within the current stablecoin system could exacerbate the risk of price collapse during a crisis, with an annualized "redemption risk rate" ranging from 3.3% to 3.9%, far exceeding the deposits insured by the FDIC. In the next decade, the probability of a major stablecoin crisis could reach 1/3.
Academics point out that stablecoins will become the cornerstone of the "Financial 2.0" era, achieving "Banking 2.0" by integrating DeFi innovations with traditional finance. Other studies propose a hybrid currency system concept, supporting stablecoins with central bank reserves to achieve safety, programmability, and institutional regulatory synergy, enhancing system resilience.
Overall, 2025 is a critical juncture for the development of stablecoins, entering a phase of institutionalization, scaling, and innovation: global market capitalization continues to rise, regulatory laws and central bank digital currencies are advancing rapidly; yield-bearing protocols and RWA support models are emerging; payment architectures and cross-border applications are expanding rapidly; but the risk resistance of the stablecoin system still needs to be strengthened. In the future, how stablecoins achieve a balance between compliance, safety, and scale will determine their role in the global financial system.
Related: The U.S. Commodity Futures Trading Commission (CFTC) opens a channel for U.S. citizens to access offshore cryptocurrency exchanges.
Original text: “Trends in Stablecoin Development: Regulatory Acceleration, Institutional Integration, and Systemic Risks”
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