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Stablecoin volumes hit trillions in 2025: report
Stablecoin adoption accelerated in 2025, with active wallets surging 53% to approximately 30 million users.
Monthly transfer volumes more than doubled to $4.1 trillion, while on-chain volume in the first half of the year exceeded $8.9 trillion—a 27% year-on-year increase.
Retail usage is becoming a primary driver, with small payments (under $250) reaching $5.84 billion in August alone. While USDT continues to dominate—accounting for 90% of payment volume according to a May survey—PayPal’s PYUSD saw the fastest growth in velocity, likely due to its expanding cross-chain integrations.
Ethereum remains a powerhouse for stablecoin activity, processing 500 million USDC transactions throughout the year.
Meanwhile, algorithmic stablecoins maintained a niche but significant presence, processing over $6.1 billion in the first quarter.
🔗 Source: Airdrop Bee
🧠 Food for thought
Implications, context, and why it matters.
New laws in 2025 brought stablecoins further into regulated frameworks
- Stablecoin wallets and transaction volume climbed as governments put more oversight in place.
- The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed in July 2025. It created the first comprehensive federal framework for payment stablecoins in the United States 1.
- The act set standards for reserves, audits, plus consumer protection. That gave institutions more comfort to participate 1.
- Europe’s Markets in Crypto-Assets Regulation (MiCA) took full effect in 2025. The added alignment pushed firms such as Visa to run stablecoin payment pilots 23.
The growth in stablecoins could shrink bank lending
- As stablecoins spread, they can reduce the deposits that help banks fund loans.
- When users swap bank deposits for stablecoins, banks can lose a core funding source for lending 4.
- Federal Reserve analysis estimates that each $100 billion in net deposit outflows not recycled to banks could cut bank lending by $60 billion to $126 billion 4.
- Small and medium-sized businesses could feel the squeeze most since they often depend on bank credit and have limited access to capital markets 4.
- Large banks are building tokenized deposits and new payment systems to compete more directly with stablecoin rails 4.
