The report from the Swedish central bank shows that the stablecoin market has surpassed $270 billion, with 99% pegged to the US dollar

According to the latest research report from the Swedish central bank, the global stablecoin market size has surged from $4 billion in January 2020 to $272 billion in October 2025, with 99% pegged to the US dollar.

The report points out that stablecoins, as a type of digital asset based on distributed ledger technology, are gradually expanding from cryptocurrency trading tools to practical application scenarios such as decentralized finance and cross-border payments. The European Union has implemented regulations on stablecoins through the MiCA framework, requiring issuers to be fully asset-backed and ensure instant redemption at face value; the United States passed the GENIUS Act in July 2025, allowing for a broader range of supported asset options.

The report warns that stablecoins may lead to increased dollarization, financial stability risks, and asset runs, while also acknowledging their potential in improving payment services. Central banks are considering whether to allow stablecoin issuers to use central bank settlement systems and reserves as supporting assets to address the growing influence of stablecoins in the financial system.