2026-01-09 04:22:30

The global stablecoin market is expected to experience explosive growth in 2025. Latest data shows that the total transaction volume has reached $33 trillion, a year-on-year increase of 72%, setting a new historical record. Behind this growth, a pro-cryptocurrency policy environment has become a key driving force.

From a market structure perspective, USDC remains the leader with a transaction volume of $18.3 trillion, followed closely by USDT with $13.3 trillion. The two major stablecoins dominate the vast majority of the market share.

Positive policy signals continue to emerge. The US introduced the GENIUS Act, which defines a clear regulatory framework for stablecoins. The Trump administration has consistently sent favorable signals, laying a foundation for the industry’s long-term development. In the Far East, Hong Kong is not to be outdone; the Stablecoin Ordinance has officially come into effect, and license application processes have been initiated, attracting tech giants like Ant Group and JD.com to participate.

The application layer’s potential is constantly expanding. In regions with well-developed financial systems, stablecoins mainly serve as tools for transaction settlement; in areas with relatively weak financial infrastructure, they have become practical solutions for cross-border payments and asset preservation. Furthermore, stablecoins are finding new opportunities in emerging ecosystems such as DeFi protocols and RWA (Real-World Asset) tokenization.

Institutional players are also accelerating their deployment. Circle, the company behind USDC, successfully went public on the NYSE in June this year and plans to establish a national trust bank for autonomous custody. Its reserve funds are highly transparent and risk-controlled, with over 100 financial institutions connected. In comparison, Tether, the issuer of USDT, holds large amounts of US Treasury bonds and gold assets. Although reserve quality is good, it has faced questions regarding the authenticity of its reserves.

Looking ahead, the focus of market competition will shift to distribution capabilities and ecosystem integration depth. The "Stablecoin as a Service" model is gradually becoming a new trend. Meanwhile, the evolution of regulatory policies and the strategies of traditional banking sectors are also worth close attention.

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ChainDetective

· 01-11 14:36

330 trillion? Damn, that's a bit exaggerated. Is it real or fake? USDC standing out alone is also quite outrageous; it feels like USDT is still underestimated. Hong Kong's recent moves are good, but will Ant and JD really step in? Let's wait and see. I believe stablecoins can be used for cross-border payments, but claiming they are for asset preservation? Wake up, everyone. Circle's high transparency in going public sounds like marketing; the Tether controversies are indeed annoying. In the end, it still comes down to whose ecosystem is more aggressive. Surface-level good news doesn't mean much.

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LiquidationWatcher

· 01-09 13:43

3.3 trillion? That number is indeed outrageous, but USDC's recent performance really speaks for itself, with transparency crushing USDT. --- Hong Kong has also entered the scene, with Ant and JD.com joining the fun. It feels like stablecoins are really about to take off. --- Stablecoin as a service... sounds good, but it all depends on how it is implemented later. Don’t let it turn into just a gimmick. --- Circle going public and building its own trust bank? This is aiming to fundamentally eliminate competitors. Tether should be on alert. --- Cross-border payments are where the real money is. Don’t just focus on those DeFi digital games. --- Policy environmental measures just like that? I think it’s really coming, especially since Hong Kong is moving quite quickly. --- A 72% increase... could there be some exaggeration? It depends on how the actual application scenarios turn out. --- USDT has been questioned about the authenticity of its reserves. Everyone should remember this. Circle is indeed more regulated. --- Using stablecoins for cross-border payments in areas with weak financial infrastructure is the real use case. --- The competition is shifting to distribution capability. Basically, it’s about who can better integrate their ecosystem. That’s all.

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GhostChainLoyalist

· 01-09 04:40

3.3 trillion, this number is a bit scary, Circle's IPO was really impressive --- Is USDC surpassing USDT? Tether must be panicking, transparency has always been a pain point --- Hong Kong is moving so quickly, Ant and JD.com are also here, is East Asia about to overtake? --- Cross-border payments are the real necessity, the spring of stablecoins has truly arrived --- "Stablecoins as a Service"... another new concept, sounds like a way to raise funds --- A 72% increase is outrageous, this market trend doesn't seem that simple --- Is the GENIUS Act reliable, or just another political show --- Circle's transparency has indeed won, but can the ecosystem surpass Tether? Still early to tell --- RWA on-chain combined with stablecoins, this is true innovation --- Regulatory friendliness is one thing, actual implementation still depends on time, don't be too optimistic

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SnapshotStriker

· 01-09 04:26

3.3 trillion? Wow, that number is a bit outrageous. USDC and USDT, the two giants, really dominate the market. --- Hong Kong is moving quickly; Ant and JD.com are here. This time, it seems serious. --- After going public, Circle still plans to build its own trust bank. Is this an attempt to replace Tether? --- A 72% increase sounds great, but it feels like the big players are still the institutions. Can retail investors really share in the benefits? --- Stablecoin as a service sounds like a new fee-based model... --- I believe in cross-border payments, but will DeFi and RWA on-chain really take off? For now, it's mostly just concepts. --- When will the reserve risk issues with Tether truly be resolved? It's been hanging over us.

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MetaNomad

· 01-09 04:25

3.3 trillion? Is this number real? It feels a bit exaggerated, but it might actually be taking off. USDC is so strong, does Circle going public really change anything? It still feels like the old tricks. Is Hong Kong's licensing process reliable? Is Ant and JD.com entering a good thing or is there a hidden agenda? When will the doubts about Tether finally dissipate... Can stablecoins truly become a cross-border payment solution, or is it just another hype? The US policy direction has changed, but will it fluctuate again? It's hard to see through. How much volume can DeFi support? It still seems like mostly niche players.

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