Beneficial policies introduced by the United States under the crypto-supportive Trump administration propelled stablecoin trading volume to unprecedented heights last year. According to data compiled by Artemis Analytics, the total stablecoin transaction volume in 2025 surged 72% year-on-year to $33 trillion. Leading the pack was the digital dollar USDC, developed by Circle Internet Corp. (CRCL.US), with a trading volume of $18.3 trillion, followed by USDT from Tether Holdings SA at $13.3 trillion. Stablecoins are a class of cryptocurrency designed to be pegged to the value of mainstream assets, typically the US dollar. The Trump administration has welcomed stablecoins, pushing for specific legislation under the framework of the "Genius Act" last July. This, in turn, has spurred broader institutional adoption of the technology, with major players including Standard Chartered, Walmart (WMT.US), and Amazon (AMZN.US) exploring issuance. One of the Trump family's crypto projects, World Liberty Financial, also launched a stablecoin called USD1 in March of last year. Despite the overall increase in capital flows in 2025, the proportion of trading volume on decentralized crypto platforms declined, indicating that stablecoin usage is moving more broadly into the mainstream. Artemis co-founder Anthony Yim stated this "signals the mass adoption of the digital dollar, especially against a backdrop of increasing geopolitical instability." He added that residents of countries plagued by inflation and instability prefer to hold US dollars, and stablecoins are the easiest way to achieve this. Stablecoin trading volume hit a record high in 2025. According to CoinGecko data, USDT is the world's largest stablecoin by market capitalization, with a circulating supply of $1.87 trillion, far exceeding USDC's $750 billion. However, Artemis data indicates that USDC dominates in terms of transaction flow. USDC is the most favored stablecoin on Decentralized Finance (DeFi) platforms. DeFi platforms conduct lending or trading activities through automated blockchain software. Anthony Yim noted that DeFi traders frequently enter and exit positions, meaning the same dollar's worth of USDC is used repeatedly. In contrast, USDT is more often used for everyday payments, commercial transactions, or as a store of value, where people typically hold it in their wallets rather than circulating it frequently. Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, stated that the "Genius Act" sets clear legal standards for stablecoins, and people choose USDC "because it offers the deepest global liquidity and the highest level of regulatory trust." Although the US and other nations have embraced stablecoins, some institutions remain cautious. The International Monetary Fund (IMF) stated last October that the stablecoin market could threaten traditional credit, weaken monetary policy, and trigger runs on assets historically considered safe. Despite this, the growth of stablecoins continues to accelerate. According to Artemis data, stablecoin trading volume reached a record $11 trillion in the fourth quarter of 2025, up from $8.8 trillion in the third quarter. Analysis suggests that by 2030, the total value of stablecoin payments could reach $56 trillion. Total stablecoin payment volume could exceed $56 trillion by 2030.
Comments