The global stablecoin market has grown to around $312 billion as banks and payment companies increasingly adopt blockchain-based digital dollars.
According to a report from Australian investment bank Macquarie, stablecoins are slowly moving beyond crypto trading and becoming part of the global financial system. Although about 90% of stablecoin activity still comes from crypto trading, their use is expanding into payments, remittances, treasury management and tokenised assets.
Stablecoins are cryptocurrencies designed to keep a stable value, usually linked to the US dollar. They are widely used in digital asset markets for trading, transferring funds and settling transactions.
Tether’s USDT remains the largest stablecoin by market value and trading volume. Circle’s USDC is the second largest and is commonly used by institutions and decentralised finance platforms. Together, these two tokens play a key role in providing liquidity across the crypto market.
Macquarie estimates that the total stablecoin market has grown about 50% over the past year and now represents roughly 7–8% of the entire crypto market.
Transaction activity is rising even faster. The bank said stablecoin transfers reached about $11 trillion in 2025, showing that blockchain-based dollars are becoming an important tool for global payments.
Major financial companies are also joining this trend. Payment giants Visa and Mastercard now support settlement using USDC. This means some card transactions can be completed directly on blockchain networks.
Large banks are also testing similar systems. Projects from JPMorgan, Citi and HSBC show that blockchain-based settlement is becoming more popular among major financial institutions.
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