Stablecoin Volumes Surge to $33 Trillion in 2025 as USDC Takes Lead

TLDR

• USDC led in 2025 with $18.3T in volume, followed by USDT at $13.3T.
• Stablecoin volume jumped 72% year over year, reaching $33 trillion in 2025.
• Tether remains the largest stablecoin by market cap at $187B, ahead of USDC’s $75B.
• The GENIUS Act passed in June 2025, introducing the first US federal rules for stablecoins.

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Stablecoin transaction volumes soared to $33 trillion in 2025, marking a 72% jump driven by rising global and institutional demand. USDC led the surge, signaling growing mainstream use of dollar-pegged digital assets despite regulatory pressures.

Stablecoin Market Reaches $33 Trillion in 2025

Stablecoins reached $33 trillion in transaction volume in 2025, reflecting a 72% increase compared to the previous year, according to data from Artemis Analytics, as reported by Bloomberg. The growth was led by USD Coin (USDC), which processed $18.3 trillion in transactions, followed by Tether (USDT) with $13.3 trillion.

The data suggests a shift in how dollar-backed digital currencies are used. Although volumes rose, usage moved away from decentralized crypto platforms and into more practical, everyday use cases. Artemis Analytics co-founder Anthony Yim said, “This points to the mass adoption of digital U.S. dollars.” He also noted that rising inflation and geopolitical tensions have driven global demand for dollar-based digital assets.

USDC and Tether Dominate Use Across Different Platforms

USDC saw most of its activity in decentralized finance (DeFi) platforms, where tokens are frequently reused for trading and lending. This leads to high turnover and inflated transaction volumes. In contrast, Tether is often used for payments and as a digital store of value, contributing to lower but more stable usage.

Tether continues to be the largest stablecoin by market capitalization, standing at $187 billion. USDC follows with a market cap of $75 billion. The contrast in usage types shows how each coin plays a different role in the growing digital dollar economy.

GENIUS Act Brings First Federal Stablecoin Rules

The U.S. took a major step by passing the GENIUS Act in June 2025, creating the first federal framework for stablecoins. The law requires issuers to hold real dollar reserves and operate under strict regulatory oversight. It also bans stablecoin issuers from paying interest directly to users.

Crypto platforms, however, continue to offer rewards through trading fees and lending services. This has drawn attention from banking groups, which have urged Congress to tighten the law further. Some banks argue that stablecoin rewards resemble traditional banking interests and should be regulated the same way.

Lawmakers are now considering changes that may limit these third-party rewards, raising concerns among crypto leaders who argue that such changes may reduce competitiveness. John Deaton, a crypto attorney, stated that restricting rewards may push users toward foreign digital currencies that offer interest, such as China’s digital yuan.

Rising Adoption Meets Policy Uncertainty

Despite the regulatory debate, stablecoin use continues to grow. In Q4 2025 alone, transaction volumes hit a record $11 trillion. The total stablecoin supply also rose 7% after the GENIUS Act became law, reaching $316 billion. This suggests that regulatory clarity may be attracting more users, even as earning opportunities shrink. Bloomberg Intelligence projects that stablecoin payment flows could reach $56 trillion by 2030.

However, if third-party rewards are banned, stablecoins may lose a key feature that attracts users seeking better returns than traditional savings accounts. There were 98 new yield-bearing stablecoins launched in 2025, according to Stablewatch. These products offer returns through lending or trading, but they carry risks. If markets freeze or borrowers default, users could face losses.

Crypto groups continue to argue that rewards help everyday users gain value from digital dollars. The Blockchain Association noted there is no proof stablecoins threaten traditional banks and said the real issue is competition. Congress now faces a choice between protecting users and preserving innovation. The stablecoin market is growing rapidly, and global demand shows no sign of slowing.

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