Author: Top.one
I. Market Scale and Policy Promotion
On June 12, 2025, U.S. Treasury Secretary Besent stated at a Senate hearing that with legislative support, the U.S. dollar stablecoin market is expected to exceed $2 trillion by 2028, which will greatly promote the widespread use of the U.S. dollar in the global digital economy. Besent emphasized that this scale is "very reasonable and has potential far beyond expectations".
Meanwhile, according to Coinbase's "State of Crypto" report, since 2024, the interest of Fortune 500 executives in stablecoins has tripled year-on-year, with nearly 29% of surveyed companies already planning or using stablecoins, primarily focusing on solving issues of slow transaction speeds and high fees in traditional payment methods.
II. International Institutions and Enterprises Accelerating Deployment
Multiple global financial giants and tech companies are actively promoting compliant stablecoin implementation:
Société Générale-Forge of Société Générale launched USDCV, a U.S. dollar-pegged stablecoin on June 10, issued on Ethereum and Solana chains, with assets custodied by BNY in the UK. Previously, the company had launched EURCV, a euro-pegged stablecoin focused 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 solve accounts receivable delays and expand real-time funding sources.
Shopify partnered with Coinbase and Stripe to support merchants in accepting USDC payments on the Base chain, allowing consumers to pay with stablecoins in 34 countries, with merchants able to settle in fiat currency, significantly simplifying crypto payment infrastructure barriers.
Ant Digital initiated a stablecoin license application in Hong Kong, having completed the regulatory sandbox trial. Ant Group positions Hong Kong as its global headquarters, promoting digital transaction scenarios based on stablecoins and driving industrial technology integration and compliant development. The Hong Kong Stablecoin Ordinance will take effect on August 1, 2025, clearly establishing licensed management for stablecoins pegged to the Hong Kong dollar, focusing on promoting institutional compliant operations.
III. Emerging Diversified Market Landscape
The stablecoin ecosystem is becoming increasingly diverse, with the following market cap rankings for mainstream U.S. dollar stablecoins:
USDT (Tether Limited) with a market cap of approximately $155.2 billion, primarily collateralized by U.S. dollar cash and short-term U.S. Treasury bonds;
USDC (Circle) with a market cap of approximately $60.9 billion, collateralized by cash and Treasury bonds;
USD1 (Trump family's WLFI project) with a market cap of approximately $2.2 billion, supported by short-term Treasury bonds;
FDUSD (Hong Kong's First Digital company) with a market cap of approximately $1.5 billion, focusing on the Asian market with high compliance;
PYUSD (initiated by PayPal) with a market cap of approximately $1 billion, collateralized by deposits and short-term Treasury bonds.
Additionally, Tether and Paxos have issued gold-pegged XAUT and PAXG, representing London gold per ounce, with market caps of approximately $830 million and $1 billion respectively.
Notably, TRON founder Justin Sun announced that USD1 stablecoin, supported by the Trump family, has been officially minted on the TRON network, demonstrating the active involvement of political capital in the stablecoin market.
IV. Technological Innovation and DeFi Integration
On-chain asset management company Maple and Lido Finance reached a strategic partnership, allowing institutional borrowers to use liquid staking tokens stETH as collateral to borrow stablecoin credit lines while maintaining staking rewards exposure, significantly enhancing liquidity and capital efficiency in the DeFi market.
V. Development Path and Future Outlook
On the Chinese front, JD Group's chief economist Shen Jianguang and senior research director Zhu Taihui proposed developing offshore RMB stablecoins, suggesting a gradual approach starting from Hong Kong, progressively expanding to mainland free trade zones and free trade ports, initially limiting to institutional clients and qualified investors, with potential later expansion to ordinary users, to support RMB internationalization and mitigate digital currency bridge risks.
Global stablecoin regulatory trends are becoming increasingly clear, with compliant licenses becoming the entry barrier for institutions. The policy environment is expected to promote broader stablecoin applications. The payment, financing, and cross-border transfer needs of enterprises and individual users continue to grow, with stablecoins increasingly highlighting their role as infrastructure for the digital economy.
Summary
In the first half of 2025, the stablecoin market is flourishing, with regulation, enterprise applications, and technological innovation progressing simultaneously. Whether in the United States, 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 poised to become a key bridge connecting traditional finance and the digital economy, bringing more efficient, transparent, and low-cost global payment and capital flow solutions.
