As of October 2025, the total market capitalization of stablecoins has surpassed the $300 billion mark for the first time, growing nearly 50% since the beginning of the year, highlighting the increasing importance of digital currencies in the global financial system. However, the rapid expansion of the market has also attracted the attention of regulators. In July 2025, the United States passed the GENIUS Act, aimed at establishing a comprehensive regulatory framework for payment stablecoins. Meanwhile, the Bank of England has also expressed its willingness to provide central bank account access to stablecoin issuers, marking a shift in its attitude towards stablecoins.
However, the market has not been smooth sailing. In October 2025, Ethena's yield-bearing stablecoin USDe temporarily broke away from its dollar peg during a market crash, falling to $0.65, exposing the vulnerabilities of some stablecoins under extreme market conditions. This incident sparked widespread discussions about the liquidity and risk management mechanisms of stablecoins.
Despite the challenges, institutional investors' interest in stablecoins continues to grow. JPMorgan expects that by 2027, widespread adoption of stablecoins could lead to an additional $1.4 trillion demand, further solidifying the dollar's dominant position in global finance. Additionally, ten major banks, including Bank of America, Deutsche Bank, and Goldman Sachs, have jointly explored the issuance of stablecoins pegged to G7 currencies, aiming to assess the value of blockchain-based fiat currency assets.
In summary, the stablecoin market is facing dual challenges of increased regulation and market volatility, but the ongoing interest from institutional investors and policy support from global central banks present new development opportunities for the market. In the future, stablecoins may play an even more significant role in the global financial system.
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Original: “Stablecoin Market Dynamics: New Opportunities Amid Regulatory Tightening and Market Volatility”
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