2025 Global Stablecoin Dynamics Overview: Compliance Drives and Market Diversification Progressing Together

Author: Top.one

I. Market Size and Policy Promotion

On June 12, 2025, U.S. Treasury Secretary Basant stated at a Senate hearing that with legislative support, the market size of U.S. dollar stablecoins is expected to exceed $2 trillion by 2028, which will greatly promote the widespread use of the dollar in the global digital economy. Basant emphasized that this scale is "very reasonable and has far more potential than expected."

At the same time, according to the "Current Status of the Crypto Industry" report released by Coinbase, since 2024, the interest of executives from Fortune 500 companies in the U.S. in stablecoins has tripled year-on-year, with nearly 29% of surveyed companies planning or using stablecoins, primarily focusing on solving the issues of slow transaction speeds and high fees associated with traditional payment methods.

II. International Institutions and Enterprises Accelerate Layout

Several global financial giants and tech companies are actively promoting the compliant implementation of stablecoins:

• Société Générale-Forge, a subsidiary of Société Générale, launched the dollar-pegged stablecoin USDCV on June 10, issued on the Ethereum and Solana chains, with assets custodied by BNY in the UK. Previously, the company launched the euro-pegged stablecoin EURCV, focusing on the institutional market.

• PayPal announced that its stablecoin PYUSD has been integrated into the Stellar network for cross-border remittances and financing, helping small and medium-sized enterprises address accounts receivable delays and broaden real-time funding sources.

• Shopify partnered with Coinbase and Stripe to support merchants in accepting USDC payments based on the Base chain, allowing consumers to use stablecoins for payments in 34 countries, while merchants can choose to settle in fiat currency, significantly simplifying the infrastructure barrier for crypto payments.

• Ant Group has initiated an application for a stablecoin license in Hong Kong, having completed a regulatory sandbox pilot in Hong Kong. Ant Group positions Hong Kong as its global headquarters, promoting the construction of digital trading scenarios based on stablecoins and facilitating the integration of industry technology and compliant development. The Hong Kong "Stablecoin Regulation" will take effect on August 1, 2025, clearly stipulating licensed management for stablecoins pegged to the Hong Kong dollar, with a focus on promoting compliant operations for institutions.

III. Emergence of a Diversified Market Structure

The stablecoin ecosystem is becoming increasingly diverse, with the market capitalization rankings of mainstream dollar stablecoins as follows:

• USDT (Tether Limited) has a market capitalization of approximately $155.2 billion, primarily backed by U.S. dollar cash and short-term U.S. Treasury bonds;

• USDC (Circle) has a market capitalization of approximately $60.9 billion, backed by cash and Treasury bonds;

• USD1 (Trump family WLFI project) has a market capitalization of approximately $2.2 billion, supported by short-term Treasury bonds;

• FDUSD (First Digital in Hong Kong) has a market capitalization of approximately $1.5 billion, focusing on the Asian market with high compliance;

• PYUSD (initiated by PayPal) has a market capitalization of approximately $1 billion, backed by deposits and short-term Treasury bonds.

Additionally, Tether and Paxos have issued gold-pegged stablecoins XAUT and PAXG, representing one ounce of London gold, with market capitalizations of approximately $830 million and $1 billion, respectively.

Notably, TRON founder Justin Sun announced that the USD1 stablecoin supported by the Trump family has been officially minted on the TRON network, showcasing the active involvement of political capital in the stablecoin market.

IV. Technological Innovation and DeFi Integration

On-chain asset management company Maple has reached a strategic cooperation with Lido Finance, allowing institutional borrowers to use liquid staking tokens stETH as collateral to borrow stablecoin credit lines while maintaining exposure to staking rewards, significantly enhancing liquidity and capital efficiency in the DeFi market.

V. Development Path and Future Outlook

In China, JD Group's chief economist Shen Jian Guang and senior research director Zhu Tai Hui proposed the development of an offshore RMB stablecoin, suggesting a gradual approach starting from Hong Kong, progressively promoting it to the mainland free trade zones and free trade ports, initially limited to institutional clients and qualified investors, with subsequent opening to ordinary users, to assist in the internationalization of the RMB and mitigate the risks of digital currency bridges.

The global regulatory trend for stablecoins is becoming increasingly clear, with compliance licenses becoming a threshold for institutional entry, and the policy environment is expected to promote broader applications of stablecoins. The demand for payments, financing, and cross-border transfers from enterprises and individual users continues to grow, highlighting the role of stablecoins as infrastructure in the digital economy.

Conclusion

In the first half of 2025, the stablecoin market is flourishing in multiple areas, with regulation, enterprise applications, and technological innovation advancing simultaneously. Whether in the U.S., Europe, or Asia, mainstream financial institutions and large enterprises are increasingly investing in the stablecoin ecosystem, building a compliant and secure digital asset trading and payment network. In the coming years, stablecoins are expected to become a key bridge connecting traditional finance and the digital economy, providing more efficient, transparent, and low-cost solutions for global payments and capital flows.