Author: OurNetwork
Translated by: TechFlow
Editor's Note:
In this article, we will focus on another market cap giant over $10 billion, USDC, and update the latest developments of Ethena's dual stablecoin product - USDe and USDtb. Additionally, OurNetwork's analysts will bring reports on the current state of stablecoins on Solana, infrastructure updates (Account Abstraction is coming), and USR. USR is an emerging USD-pegged asset with a market cap of over $250 million, adopting a delta-neutral support mechanism.
If there were any doubts before, it is now clear that stablecoins have become an important part of the financial field. Tether achieved over $1 billion in operating profit in the first quarter of 2025. Circle, the issuer of USDC, has also submitted an IPO application. Even the World Economic Forum estimates that stablecoin transaction volume reached $27.6 trillion in 2024, exceeding the total of Visa and Mastercard.
Let's dive deeper.
Stablecoin Series Part Two
Stablecoin Market Cap Breaks $232 Billion in 2025, Growing 15% Year-to-Date
In 2025, the stablecoin market grew by $30 billion, with a total market cap of $232 billion. USDT and USDC still dominate, with a combined market share of 89%. However, due to delisting events related to MiCA (EU Crypto Assets Market Regulation Framework), USDT's market share dropped from 68% to 62%, while USDC rose to 26%. Sky's USDS and USDtb, issued by Ethena and backed by US Treasuries (mainly BlackRock's BUIDL fund), stood out in yield-bearing stablecoins, growing by over $4 billion. USDtb's market cap surged from $89 million to $1.4 billion, reflecting its important role as a safer choice in the Ethena ecosystem during market volatility.
[The rest of the translation continues in the same manner, maintaining the original structure and translating all text while preserving any HTML tags and specific terminology as specified.]Resolv's USR stablecoin supply remains largely concentrated on Ethereum, indicating strong demand and deep integration in DeFi infrastructure. Meanwhile, Resolv is expanding to Base, Arbitrum, BNB Chain, and Berachain, demonstrating its strategic efforts to enhance cross-chain interoperability.
RLP's annual percentage rate (APR) exceeded 40% by the end of 2024, then dropped below 0% in April 2025. This volatility reflects RLP's risk-reward role in absorbing system shocks and providing returns. The negative yield indicates the failure of directionless risk strategies due to market changes and negative funding rates.
