Stablecoins have made a significant impact. The discussion about how crypto will influence the next generation of payments is shifting from theory to reality, a reality that, like all monetary systems, is both social and political. Based on the current growth rate, I agree with the latest Dune Report, that by 2030, stablecoins like USDC and USDT could handle $50 trillion in yearly transactions, five times today’s volume, as banks and major retailers like Walmart begin to accept them for everyday payments. Even this projection feels conservative given the current growth rate.
Below is a snapshot of what people are saying about stablecoins right now. I’ve included supporting data for points from my report as well as additional posts and commentary to provide a broader perspective.
If you take away just one thing from reading Crypto & the Corporation, I hope it’s the importance of having more legitimate voices influence the outcome of the current Stablecoin legislation. There is significant influence being wielded by some current issuers (crypto’s version of the banking lobby, perhaps!), and it would be a strategic mistake for large corporations not to have a say in this. Here is an overview of the legislation under consideration, the Lummis-Gillibrand Payment Stablecoin Act, and here is the full proposed bill. The UK has followed suit and released its own initial guidelines for Stablecoins.
As recently as this month (May 2025) a new bill which combines some of the aspects of the Lummis-Gillibrand act but with a few key differences has been introduced and is now considered the leading act for vote on Stablecoins. This can be found in full here. Below is an overview of the key differences.
Regulatory Structure: The GENIUS Act shifts primary federal oversight to the OCC for nonbank issuers, while Lummis-Gillibrand was less specific and leaned on Federal Reserve involvement. The GENIUS Act also offers a clearer state-federal compromise with a waiver process.
Comprehensiveness: The GENIUS Act is broader, incorporating provisions for tokenized deposits, insolvency protections, and marketing standards, while Lummis-Gillibrand focused strictly on stablecoin issuance.
Enforcement and AML: The GENIUS Act introduces stricter AML requirements, technical enforcement tools (e.g., wallet freezing), and Treasury coordination, addressing national security concerns more explicitly.
Progress: The GENIUS Act has gained more traction, building on lessons from Lummis-Gillibrand and other bills, with a clearer path toward passage.
Stripe’s $1 Billion Move (October 2024):
Stripe, a leading payment processor, acquired Bridge, a stablecoin startup, for over $1 billion, signaling strong confidence in stablecoins like USDC for faster, cheaper global transactions. They are already integrating it for merchant payouts, demonstrating real-world traction.
Moonpay’s Multi-Acquisition (January 2025):
The crypto-native payment rails provider recently announced multiple acquisitions, including Halio (a crypto payment processor for $175 million) and Iron (an API-first stablecoin infrastructure startup, for an undisclosed amount), aiming to deliver fast, cost-effective, borderless transactions for businesses.
PayPal’s Stablecoin Growth (Ongoing as of 2025):
PayPal, which launched its PYUSD stablecoin in 2023, has seen it reach $1 billion in circulation by early 2025, backed by U.S. Treasuries. The company has promoted it as a seamless payment tool.
JPMorgan’s JPM Coin Expansion (2024):
JPMorgan expanded its JPM Coin, a bank-issued stablecoin, processing $1 billion daily by late 2024 for instant client payments, demonstrating that major banks view stablecoins as a way to modernize finance while maintaining control.
Tether’s Continued Growth (2025):
Teather showcasing the remarkable position it is in with it becoming the 7th largest buyer of U.S. Treasuries in 2024, now playing in the space of countries not companies. What’s more remarkable is that Teather has achieved this growth with a workforce of under 100 people.
The New Administrations Stance on Stablecoins is Clear:
David Sacks, the government appointed Ai and Crypto Czar issuing an announcement for the new classification of Stablecoins. The SEC has officially designated that liquid dollar backed stablecoins are not considered a security and do not need to be registered under the Securities Act.
TLDR Statistics – From the DUNE Stablecoin Report:
Recently Dune and Artemis produced a report that analyzes the stablecoin market from February 2024 to February 2025. Below are some of the key statistics highlighted in the full report which can be found below.
“State of Stablecoins 2025” Report (Dune & Artemis, March 2025)
Key Points:
Market Growth and Scale:
- Stablecoins have seen rapid expansion, with total supply rising 63% from $138 billion in February 2024 to $225 billion in February 2025, reflecting their growing market capitalization and role as a digital financial infrastructure.
- Monthly transfer volume surged 115% year-over-year, from $1.9 trillion in February 2024 to $4.1 trillion in February 2025. Over the past year, stablecoins facilitated over $35 trillion in total transfers, surpassing Visa’s $15.7 trillion and Mastercard’s $9 trillion (Q4 2024) annual transaction volumes.
Adoption and User Engagement:
- Active stablecoin addresses grew 53% from 19.6 million in February 2024 to 30 million in February 2025, driven by broader institutional adoption and accessibility.
- The average transfer size remained stable at $676K in February 2024 to $683K in February 2025.
Collateral and Stability:
- 91% of stablecoin supply is fiat-backed (up from 90% last year), primarily by cash reserves or short-term government securities, reinforcing the fully collateralized models.
- 8.5% are overcollateralized with crypto assets (e.g., ETH, staked assets), up from 7%.
Market Leaders and Shifts:
- USDT remains the largest by supply ($146B, 64% market share), but USDC doubled from $28.5B to $56B (24.5% market share), gaining ground due to regulatory clarity and partnerships (e.g., Circle with Stripe, MoneyGram).
- Emerging stablecoins like Ethena’s USDe ($6.2B, 2.9% market share) and Sky’s USDS ($4.3B, 2.1%) highlight growth yield-bearing models, while PayPal’s PYUSD ($750M) and regional stablecoins like EURC on Base signal broader adoption.
Blockchain Distribution:
Blockchain Distribution:Blockchain Distribution:
- Ethereum holds 55% of stablecoin supply (up from 54%), while TRON’s share dropped from 35% to 28%, losing ground to Solana (5.4%) and Base (1.8%)
- Transfer volume shifted dramatically, with Base surging to 43% (from 0.2%) by February 2025, while TRON dominates P2P transfers (>50%) for remittances in emerging markets.
Use Cases and Sector Dynamics:
- Stablecoins are concentrated in centralized exchanges (CEXs) for supply (liquidity reserves), but DeFi drives most transfer volume (e.g., DEXs, lending, yield farming), with Solana and Base excelling in high-frequency trading and MEV activity.
- Institutional adoption is accelerating, with stablecoins used for cross-border payments, real-world asset tokenization (e.g., USDtb with BlackRock’s BUIDL fund), and yield generation (e.g., USDe’s 9% annualized yield).
The rate of change and growth is astounding, with daily moves and updates, below is a snapshot of some of the conversations around stablecoins in the last week of April 2025
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