Global stablecoin market experiences explosive growth in 2025. Latest data shows total trading volume reached 33 trillion U.S. dollars, with a year-over-year increase of 72%, setting a new historical record. Behind this wave of growth, crypto-friendly policy environment has become a key driving force.

From a market structure perspective, USDC maintains the top position with 18.3 trillion U.S. dollars in trading volume, with USDT following closely behind contributing 13.3 trillion U.S. dollars, with these two leading stablecoins dominating the vast majority of market share.

Policy-level positive signals emerge continuously. The U.S. introduced the "GENIUS Act" which established a clear regulatory framework for stablecoins, and the Trump administration continues to release favorable signals, laying a foundation for long-term industry development. On the Far East side, Hong Kong is not falling behind either, with the "Stablecoin Ordinance" officially taking effect and launching a licensing application process, attracting tech giants like Ant Digital Sciences and JD.com to layout their operations.

The imagination space at the application layer continues to expand. In regions with well-developed financial systems, stablecoins primarily serve as trading settlement tools; while in regions with relatively weak financial infrastructure, they have become practical solutions for cross-border payments and asset preservation. Going further, stablecoins are also finding new use cases in emerging ecosystems such as DeFi protocols and RWA asset tokenization.

Institutional level is also accelerating layout. Circle, the company behind USDC, successfully listed on the New York Stock Exchange in June this year and plans to establish a national trust bank for independent custody, with highly transparent reserves and controllable risks, already connected to over 100 financial institutions. In comparison, Tether, the USDT issuer, holds substantial U.S. Treasury bonds and gold assets; while reserve quality is decent, it has faced previous questioning over reserve authenticity.

Looking forward, market competition focus will shift to distribution capabilities and ecosystem integration depth, with the "stablecoin-as-a-service" model gradually becoming the new trend. Meanwhile, the evolution of regulatory policies and traditional banking industry's response strategies are also worth close attention.