Dive Brief:
- The use of stablecoins more than doubled just in the last year, according to an assessment from asset management firm Macquarie Group.
- The total value for stablecoin transactions across the globe climbed from $668 billion in February 2025 to $1.78 trillion last month, according to data provided by Macquarie, which was published last week.
- “The activity in stablecoins has been growing and growing, signaling to us that stablecoin is actually evolving into a meaningful economic tool in both crypto and real world corridors,” said Paul Golding, a senior analyst for Macquarie.
Dive Insight:
Migrant workers, for example, use the digital currencies to send remittances to their home countries and more retailers are accepting them at the point of sale, Golding said in an interview.
Additionally, major payment companies, such as PayPal, Fiserv, and even credit card networks such as Mastercard are dabbling in digital assets.
Mastercard announced on Tuesday that it is buying the stablecoin startup BVNK for $1.8 billion, and PayPal offers its own dollar-backed stablecoin called PYUSD.
Stablecoins are cryptocurrencies tied to the value of fiat currency such as the dollar, which theoretically makes them more stable in value compared to digital assets such as bitcoin, the price of which constantly surges and declines.
The total market capitalization collectively for 13 most valuable stablecoins reached $311.81 billion in December, compared to $196.61 billion in December 2024, according to Macquarie’s data. The Tether stablecoin, referred to as USDT and originated in 2014, is currently the most valuable, the data showed.
The spike is a direct result of the increasing number of ways businesses and consumers can use stablecoins, Golding said, noting that consumers can now pay with stablecoins at the point-of-sale at some venues. AMC Theaters, for example, accepts online stablecoin payments and Shopify users can pay online with the digital assets in some instances.
“An increase in market cap is, in our view, a direct correlation with the utility,” he said.
The market capitalization for those stablecoins collectively has jumped from $259.08 billion since President Donald Trump signed the Genius Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, into law in July. The law created a regulatory framework for the digital assets, and that could turbocharge the use of the digital currencies, Golding said.
“The regulatory landscape is seeing some acceleration in terms of coalescing around frameworks to enable institutions to leverage stablecoin technology and use cases to benefit their operations, product offerings, and their customers,” he said.
Another bill currently under consideration in Congress, the Clarity Act, lays out which regulators would oversee digital assets such as stablecoins.
