According to reports from Wu, the Finery Markets report shows that in the first half of 2025, stablecoins accounted for 74.6% of institutional OTC spot trading volume, a significant year-on-year increase. The trading volume of USDC increased 29 times year-on-year, becoming the fastest-growing asset.
The growth of USDC has benefited from the European MiCA, which has prompted some platforms to restrict USDT. Overall OTC spot trading volume increased by 112.6% year-on-year, with stablecoin trading growing by 154% and trading volume of cryptocurrency against stablecoins increasing by over 277%.
Finery's CEO warns that with the increase in issuers and the expansion of cross-chain distribution, if there is not enough secondary market depth to support it, the risk of stablecoins decoupling may trigger a systemic run on the market.
