Citing Bijiie, TRM Labs reported that stablecoin transaction volume surged 83% year-on-year between July 2024 and July 2025, exceeding $4 trillion. Stablecoins now account for 30% of all crypto trading volume and have gained a larger market share compared to traditional cryptocurrencies like Bitcoin and Ethereum. TRM's Angela Ang noted that stablecoin adoption is still in its early stages and is expected to grow further, especially as institutions explore digital asset use cases. Tether (USDT) and Circle (USDC) dominate the market with a combined 93% share, while 90% of fiat-backed stablecoins are dollar-pegged. Despite rising adoption, stablecoins are also increasingly used in illicit activities, with 60% of illegal crypto transactions involving stablecoins in July 2025.
Stablecoin Volume Surpasses $4 Trillion, Up 83% Year-on-Year
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