Stablecoin Sector Surges in H1 2025: Circulating supply Soars to $252 Billion
Stablecoin token supply increased to $252 billion in H1 2025, primarily due to the growth of USDT, USDC, and PYUSD. Favorable regulations, such as the GENIUS Act and MiCA, are enhancing adoption.
Stablecoins are undoubtedly foundational to the crypto ecosystem and the broader global financial framework. Throughout the years, both fiat-pegged and algorithmic stablecoins have transacted trillions of dollars, directing billions into some of the top cryptos to invest in.
As of July 23, 2025, data from Coingecko indicates that the total trading market capitalization of stablecoins surpassed $268 billion.
USDT continues to lead, boasting a trading market cap of $162 billion and achieving over $143 billion in trading volume within the last 24 hours.
USDC holds the second spot with a crypto market cap of $64 billion and about $8 billion in daily trading volume.
Noteworthy stablecoins also encompass USDS and USDE from Ethena.
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USDT, USDC, PYUSD Surge: Token supply Tops $252 Billion in H1 2025
According to a CertiK Skynet report, the total stablecoin circulating supply rose from $204 billion to $252 billion in H1 2025.
With the growing circulating supply, stablecoin monthly settlement volumes soared to $1.39 trillion, directing funds to some of the most sought-after crypto presales.
USDT remains a formidable force, especially on the Tron network.
Data from Tronscan reveals that over $81 billion of USDT is circulating on , with more than 67.9 million USDT holders executing over 2.3 million transfers in the last 24 hours, resulting in over $152 billion in trading volume, a nearly 7% increase.
CertiK notes that USDC is closing in on second place, enhanced by its MiCA license and a successful IPO. In H1 2025, USDC’s token supply rose to $61 billion.
In addition, PayPal’s PYUSD is trending, aided by its integration with Solana, which has doubled its availability, alongside a 3.7% reward initiative that has cemented its trading market standing.
Ripple’s RLUSD, tailored for institutional use, has expanded its market presence. CertiK emphasizes RLUSD’s impeccable safety record, supported by ongoing audits, as a significant advantage.
Growth of Stablecoins Fueled by Supportive Regulations
The circulating supply of stablecoins is expected to continue rising, potentially exceeding the $1 trillion mark in the upcoming years.
In H1 2025, the United States made strides in regulating stablecoins through the enactment of the GENIUS Act, which was signed into law by Donald Trump last week.
The Act requires issuers to be chartered by the OCC or associated with banks, maintain 1:1 reserves in cash or Treasury bills, and deliver monthly attestations for transparency. These provisions are designed to safeguard consumers, ensure financial stability, and encourage innovation.
In Europe, the rollout of the MiCA regulation by June 2025 signifies a major advancement. Under MiCA, stablecoins are designated as Asset-Referenced Tokens (ARTs) or e-Money Tokens (EMTs).
Issuers are mandated to obtain an EMI license and maintain full reserves, adhering to real-time attestation and auditing standards.
Non-compliant stablecoins such as USDT and EURT have been removed from European crypto exchanges, prompting Tether Holdings to withdraw from the Euro stablecoin crypto market and invest in compliant issuers like StablR, which provides EURR and USDR.
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USDT, USDC Stablecoin Crypto market Rises to $252B in H1 2025
- Stablecoin supply surged 23.5% to $252 billion in H1 2025, according to CertiK Skynet
- USDT leads with a trading market cap of $162 billion
- USDC climbs to $61B, propelled by MiCA license and NYSE-listed CIRCL stock
- GENIUS Act and MiCA regulations promote global stablecoin adoption
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