Stablecoin Market Explodes in H1 2025: Supply Jumps to $252 Billion

Stablecoin supply rose to $252 billion in H1 2025, driven by USDT, USDC, and PYUSD growth. Supportive regulations, including the GENIUS Act and MiCA, are fueling adoption.

Stablecoins are undeniably the cornerstone of not only the crypto ecosystem but also the global financial system. Over the years, stablecoins, both fiat-pegged and algorithmic, have processed trillions of dollars, funneling billions to some of the best cryptos to buy.

As of July 23, 2025, Coingecko data shows the total market cap of all stablecoins topped $268 billion.

USDT remains the largest, with a market cap of $162 billion, generating over $143 billion in trading volume in the past 24 hours.

USDC is in second, with a market cap of $64 billion and nearly $8 billion in daily trading volume.

Other notable stablecoins include USDS and USDE by Ethena.

Stablecoin supply rose to $252 billion in H1 2025, driven by USDT, USDC, and PYUSD growth. GENIUS Act and MiCA fueling adoption

(Source: Coingecko)

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USDT, USDC, PYUSD Boom: Supply Exceeds $252 Billion in H1 2025

A CertiK Skynet report found that in H1 2025, the total stablecoin supply grew from $204 billion to $252 billion.

With increasing supply, the stablecoin monthly settlement volumes reached $1.39 trillion, channeling capital to some of the hottest crypto presales to buy.

USDT is still dominant, particularly on Tron.

Tronscan data shows that over $81 billion of USDT is in circulation on TRX ▼-2.19%, with more than 67.9 million USDT holders making over 2.3 million transfers in the past 24 hours, generating over $152 billion in trading volume, up nearly 7%.

Stablecoin supply rose to $252 billion in H1 2025, driven by USDT, USDC, and PYUSD growth. GENIUS Act and MiCA fueling adoption

(Source: TronScan)

CertiK notes that USDC is closing the gap in second place, bolstered by its MiCA license and a highly successful IPO. In H1 2025, USDC’s supply increased to $61 billion.

Meanwhile, PayPal’s PYUSD is gaining traction, driven by its integration on Solana, which doubled its float, and a 3.7% reward program that has solidified its market position.

Ripple’s RLUSD, focused on institutional use, has also increased its market share. CertiK highlights RLUSD’s perfect security record, supported by continuous audits, as a key differentiator.

Stablecoin Boom Driven by Supportive Regulations

Stablecoin supply will only grow, even breaking above the $1 trillion level in the coming years.

In H1 2025, the United States took steps to regulate stablecoins by passing the GENIUS Act, which Donald Trump signed into law last week.

The Act mandates that issuers be chartered by the OCC or affiliated with banks, maintain 1:1 reserves in cash or Treasury bills, and provide monthly attestations for transparency. These measures aim to protect consumers, ensure financial stability, and foster innovation.

In Europe, the enforcement of the MiCA regulation by June 2025 marks a significant step forward. Under MiCA, stablecoins are classified as Asset-Referenced Tokens (ARTs) or e-Money Tokens (EMTs).

Issuers must hold an EMI license and maintain full reserves, complying with real-time attestation and audit standards.

Non-compliant stablecoins like USDT and EURT were delisted from European crypto exchanges, prompting Tether Holdings to exit the Euro stablecoin market and invest in compliant issuers like StablR, which issues EURR and USDR.

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