Author: Top.one
I. Market Size and Policy Promotion
On June 12, 2025, U.S. Treasury Secretary Basant stated at a Senate hearing that if there is legislative support, it is expected that the market size for dollar stablecoins will exceed $2 trillion by 2028, which will greatly promote the widespread use of the dollar in the global digital economy. Basant emphasized that this scale is 'very reasonable and has far more potential than expected.'
At the same time, a report released by Coinbase (State of the Crypto Industry) shows that since 2024, interest in stablecoins among executives of Fortune 500 companies in the U.S. has tripled year-on-year, with nearly 29% of surveyed companies planning or using stablecoins, mainly focusing on solving the slow transaction speeds and high fees of traditional payment methods.
II. International Institutions and Companies Accelerate Layout
Several global financial giants and tech companies are actively promoting the compliance rollout of stablecoins:
Société Générale-Forge, a subsidiary of Société Générale, launched the dollar-pegged stablecoin USDCV on June 10, issued on the Ethereum and Solana chains, with assets custodied by BNY in the UK. Previously, the company had launched the euro-pegged stablecoin EURCV, focusing on the institutional market.
PayPal announced that its stablecoin PYUSD has been integrated into the Stellar network for cross-border remittances and financing, helping small and medium-sized enterprises address accounts receivable delays and broaden real-time funding sources.
Shopify collaborates with Coinbase and Stripe to support merchants in accepting USDC payments based on the Base chain, allowing consumers to use stablecoins for payments in 34 countries, while merchants can choose to settle in fiat currency, significantly simplifying the infrastructure threshold for crypto payments.
Ant Group has initiated the application for a stablecoin license in Hong Kong, having completed the regulatory sandbox pilot in Hong Kong. Ant Group positions Hong Kong as its global headquarters to promote the construction of digital trading scenarios based on stablecoins and to drive the integration of industry technology and compliance development. The Hong Kong (Stablecoin Regulation) will take effect on August 1, 2025, clearly defining the licensed management of stablecoins pegged to the Hong Kong dollar, with a focus on promoting compliant operations for institutions.
III. Emergence of a Diverse Market Landscape
The stablecoin camp is becoming increasingly diverse, with the market capitalization rankings of mainstream dollar stablecoins as follows:
USDT (Tether Limited) has a market capitalization of approximately $155.2 billion, primarily backed by U.S. dollar cash and short-term U.S. government bonds;
USDC (Circle) has a market capitalization of approximately $60.9 billion, backed by cash and government bonds;
USD1 (Trump Family WLFI Project) has a market capitalization of approximately $2.2 billion, supported by short-term government bonds;
FDUSD (Hong Kong First Digital Company) has a market capitalization of approximately $1.5 billion, primarily targeting the Asian market, with high compliance;
PYUSD (initiated by PayPal) has a market capitalization of approximately $1 billion, backed by deposits and short-term government bonds.
Additionally, Tether and Paxos have respectively issued gold-backed XAUT and PAXG, each representing one ounce of London gold, with market capitalizations of approximately $830 million and $1 billion.
It is noteworthy that TRON founder Justin Sun announced that the USD1 stablecoin supported by the Trump family has been officially minted on the TRON network, showcasing the active involvement of political capital in the stablecoin market.
IV. Technological Innovation and DeFi Integration
On-chain asset management company Maple has reached a strategic cooperation with Lido Finance, allowing institutional borrowers to use liquid staking tokens stETH as collateral to borrow stablecoin credit lines, maintaining exposure to staking rewards, significantly enhancing liquidity and funding efficiency in the DeFi market.
V. Development Path and Future Outlook
In China, JD Group's chief economist Shen Jian Guang and senior research director Zhu Tai Hui proposed the development of an offshore RMB stablecoin, suggesting a gradual approach starting from Hong Kong, gradually promoting it to the mainland free trade zones and ports, initially limiting it to institutional clients and qualified investors, and later opening it to ordinary users, to assist in the internationalization of the RMB and mitigate the risks of digital currency bridges.
The global regulatory trend for stablecoins is becoming increasingly clear, with compliance licenses becoming the threshold for institutions to enter the market, and the policy environment expected to promote broader applications of stablecoins. The demand for payments, financing, and cross-border transfers from businesses and individual users continues to grow, highlighting the role of stablecoins as infrastructure in the digital economy.
Summary
In the first half of 2025, the stablecoin market blossomed in multiple areas, with regulation, corporate applications, and technological innovation advancing in parallel. Whether in the U.S., Europe, or Asia, mainstream financial institutions and large enterprises are increasingly investing in the stablecoin ecosystem, building a compliant and secure digital asset trading and payment network. In the coming years, stablecoins are expected to become a key bridge connecting traditional finance with the digital economy, providing more efficient, transparent, and low-cost solutions for global payments and capital flows.
