Derived from Jinse, this report outlines the transformation of stablecoins in 2025, marked by regulatory clarity, institutional adoption, and structural maturity. Tether significantly increased its gold reserves, reaching $12.9 billion by Q3, while Circle successfully listed on the NYSE. Regulatory frameworks in the U.S., EU, and Hong Kong solidified, pushing stablecoins toward a role as financial infrastructure. Despite a temporary depegging event in October, the sector demonstrated resilience, with total market cap remaining above $300 billion. Stablecoin usage grew in cross-border payments, enterprise settlements, and DeFi, with on-chain transfers exceeding $25 trillion. The report highlights how stablecoins have become less discussed but more deeply integrated into global finance, signaling a shift from speculative assets to essential tools.
Stablecoins in 2025: The Rise of Boring Infrastructure
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