2025 Global Stablecoin Dynamics Roundup: Compliance Push and Market Diversification Go Hand in Hand

Author: Top.one

I. Market Size and Policy PromotionOn

June 12, 2025, U.S. Treasury Secretary Bason said at a Senate hearing that if there is legislative support, the market size of the U.S. dollar stablecoin 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. Bson stressed that this scale is "very reasonable and has the potential to far exceed expectations".

At the same time, according to the "State of the Crypto Industry" report released by Coinbase, since 2024, the interest of Fortune 500 executives in stablecoins has tripled year-on-year, and nearly 29% of the surveyed companies have planned or used stablecoins, and the main demands are focused on solving the problems of slow transaction speed and high fees of traditional payment methods.

2. International institutions and enterprises have accelerated the deployment

of a number of global financial giants and technology companies to actively promote the compliance of stablecoins:

• Société Générale-Forge, a subsidiary of Société Générale-Forge, launched USDCV, a stablecoin pegged to the US dollar, on June 10, which was issued on the Ethereum and Solana chains, and the assets were held in custody by BNY in the United Kingdom. Previously, the company had launched the euro-pegged stablecoin EURCV, focusing on the institutional market.

• PayPal announced that its stablecoin, PYUSD, has been connected to the Stellar network for cross-border remittances and financing, helping small and medium-sized businesses solve the problem of delayed accounts receivable and broaden real-time funding sources.

• Shopify has partnered with Coinbase and Stripe to support merchants to accept USDC payments based on the Base chain, consumers can pay with stablecoins in 34 countries, and merchants can choose to settle in fiat currencies, greatly simplifying the threshold of crypto payment infrastructure.

• Ant Digital has launched the application for a Hong Kong stablecoin license and has completed the Hong Kong regulatory sandbox pilot, positioning Hong Kong as its global headquarters, promoting the construction of digital trading scenarios based on stablecoins, and promoting the integration of industrial technology and compliance development. Hong Kong's Stablecoin Ordinance, which will come into effect on 1 August 2025, will clearly regulate the licensing of stablecoins pegged to the Hong Kong dollar, with a focus on promoting institutional compliance operations.

3. The market diversification pattern shows that

the stablecoin camp is becoming more and more diversified, and the market value of mainstream US dollar stablecoins is ranked as follows:

• USDT (Tether Limited) has a market value of about $155.2 billion, which is mainly collateralized by US dollar cash and short-term US Treasury bonds;

• USDC (Circle) has a market capitalization of about $60.9 billion, with cash and Treasury bonds as collateral;

• USD1 (Trump Family WLFI Project) has a market capitalization of about $2.2 billion and is backed by short-term Treasuries;

• FDUSD (Hong Kong First Digital) has a market capitalization of about $1.5 billion, mainly focusing on the Asian market and high compliance;

• PYUSD (PayPal originated) has a market capitalization of about $1 billion, and deposits and short-term Treasury bonds are collateral.

In addition, Tether and Paxos issue XAUT and PAXG, anchored to gold, respectively, representing one ounce of London gold, with a market capitalization of about $830 million and $1 billion, respectively.

It is worth noting that Justin Sun, the founder of TRON, announced that the USD1 stablecoin backed by the Trump family has been officially minted on the TRON network, demonstrating the active situation of political capital in the stablecoin market.

4. Technological innovation and DeFi integration:

Maple, an on-chain asset management company, has reached a strategic cooperation with Lido Finance, whereby institutional borrowers can use the liquid staking token stETH as collateral to borrow stablecoin credit lines and maintain exposure to staking rewards, significantly improving the liquidity and capital efficiency of the DeFi market.

5. Development path and future outlook

In China, Shen Jianguang, chief economist of JD.com, and Zhu Taihui, senior research director, proposed to develop offshore RMB stablecoins, suggesting that the development of offshore RMB stablecoins should be promoted gradually, starting from Hong Kong and gradually extending to the mainland free trade zones and free trade ports, limiting institutional customers and qualified investors first, and then opening up to ordinary users, so as to help the internationalization of RMB and mitigate the risk of digital currency bridges.

The global trend of stablecoin regulation is becoming increasingly clear, and compliance licenses have become the entry threshold for institutions, and the policy environment is expected to promote the wider adoption of stablecoins. The demand for payment, financing, and cross-border transfers from enterprises and individual users continues to grow, and the role of stablecoins as the infrastructure of the digital economy is becoming more and more prominent.

In summary

, in the first half of 2025, the stablecoin market will blossom in many places, and regulation, enterprise application, and technological innovation will go hand in hand. Whether in the United States, Europe, or Asia, mainstream financial institutions and large enterprises have stepped up their efforts to build compliant and secure digital asset trading and payment networks. In the coming years, stablecoins are expected to become a key bridge between traditional finance and the digital economy, bringing more efficient, transparent, and low-cost solutions for global payments and capital flows.