Despite the growth of stablecoins: The stablecoin PYUSD and EURCV face challenges in gaining traction
Despite significant growth in the stablecoin market, the stable digital currencies PYUSD from PayPal and EURCV from SocGen are struggling to gain real momentum.
While the market capitalization of fiat-backed stablecoins rose to $224.9 billion between 2024 and 2025, USDT and USDC accounted for 93.5% of this growth, while the influence of traditional finance-backed currencies remained limited.
A report by CoinGecko noted the weak adoption of the stable digital currencies PYUSD and EURCV despite regulatory support and brand recognition, reflecting the challenges traditional institutions face in competing with decentralized players.
Conversely, commodity-backed digital tokens saw a growth of 67.8%, reaching $1.9 billion, driven by rising gold prices.
However, this category remained marginal, representing only 0.8% of the market, dominated by XAUT and PAXG at 84%.
The sector of tokenized treasury bonds achieved exceptional growth, reaching $5.6 billion in April 2025, with an annual increase exceeding 544%.
This surge was driven by political and economic repercussions, most notably U.S. trade tariffs that pushed investors toward safe assets.
