In 2025, stablecoin trading volume skyrocketed to over $33 trillion, a 72% increase year-over-year. USDC surpasses USDT to become the settlement king.

In 2025, the annual trading volume of stablecoins surged to $33 trillion, a 72% increase year-over-year, with policy incentives boosting USDC to lead on-chain transactions
(Background: a16z’s major crypto report: 2025 marks the year of institutional explosion, stablecoin trading volume rivals Visa, and the industry enters adulthood)
(Additional context: What will the world look like when Visa and Mastercard fully adopt stablecoin payments?)

2025 is seen by the market as a critical turning point for stablecoins integrating into mainstream finance. According to statistics from Bloomberg and Artemis Analytics, last year’s global stablecoin trading volume reached $33 trillion, up 72% from the previous year, indicating digital dollar products are shifting from speculative scenarios to everyday settlement.

Two major data highlights

Behind the explosive total, subtle shifts are occurring in the market landscape. Although USDT still dominates with a market cap of $187 billion, accounting for 60%, on-chain activity has quietly shifted toward USDC.

Data shows that in 2025, USDC’s trading volume reached $18.3 trillion, accounting for 55% of the total market; during the same period, its market cap was only $76 billion, yet its high turnover rate has earned it the title of “Settlement King.”

Policy incentives and the rise and fall of leaders

One driving force is the GENIUS Act promoted by the Trump administration in 2025—the first federal-level stablecoin framework, requiring issuers to hold equivalent cash and U.S. Treasury reserves. USDC, backed 100% by cash and Treasury securities, was chosen by giants like Visa, Mastercard, and BlackRock as a cross-border settlement medium, rapidly increasing transaction counts.

Conversely, S&P downgraded USDT’s peg stability rating in the same year, citing that some reserves include risky assets like Bitcoin, making institutional funds more inclined to flow into USDC.

Changes in market structure are also reflected in growth rate differences: USDC’s market cap grew 73% in 2025, significantly outpacing USDT’s 36%. Although there remains a gap in market cap, its compliance advantages have allowed USDC to carve out a niche in practical payments and DeFi applications.