The Future of Stablecoins: Market, Technology, and Regulatory Landscape

As the cryptocurrency ecosystem continues to evolve, stablecoins have become an important bridge connecting traditional finance and the world of digital assets. From the initial centralized custodial model to the on-chain synthetic stablecoins issued by protocols themselves today, the structure of the stablecoin market is undergoing fundamental changes.

Stablecoin Market Trends

As of May 2025, the total market value of global stablecoins reached approximately $246.38 billion, nearly a 50-fold increase compared to 2019. This explosive growth highlights the increasingly important role of stablecoins in payment, trading, and decentralized finance (DeFi) and other fields.

The current stablecoin market shows a highly concentrated pattern, with Tether( USDT) and USD Coin( USDC) accounting for a total market share of as high as 86.06%. However, emerging stablecoins like Ethena's USDe are rapidly rising, challenging the dominant position.

Mainstream Stablecoin Analysis

This report provides a systematic analysis and comparison of the top five mainstream stablecoins by market capitalization: (USDT, USDC, DAI, USDE, USD1).

USDT and USDC have advantages in liquidity and use cases, but USDT still faces controversies regarding reserve transparency. DAI, as a decentralized stablecoin, is widely popular in the DeFi ecosystem. The emerging USDE is rapidly growing through innovative yield mechanisms, while USD1 relies on institutional backing for expansion.

Stablecoin Activity Analysis

Based on data from public chains, a comparative analysis of the activity of stablecoins on four mainstream public chains: Ethereum, TRON, Solana, and BSC has been conducted.

• TRON has become the main venue for USDT payments, with monthly active addresses reaching 76.64 million.
• Ethereum attracts high-net-worth users, with single transaction amounts far ahead.
• The trading volume of Solana stablecoins is rapidly increasing, driven by high-frequency trading in the ecosystem.
• BSC shows the characteristic of frequent transactions but low amounts.

The Impact of Stablecoin Policies in Various Regions

The United States, Hong Kong, Dubai, and other regions are building their position in the stablecoin industry chain through different paths:

• USA: The GENIUS Act establishes a national uniform regulatory framework for stablecoins.
• Hong Kong: Creating an Asian policy model area through the "stablecoin regulations"
• Dubai: Implementing tiered regulation to support the development of local currency stablecoins

Future Development Trends

1. Technical Evolution: Multi-path Coexistence, Advancing Towards "Native Liquidity"
2. Competitive Landscape: Moving from "Dollar Pegging" to the Triple Confrontation of "Scenario, Sovereignty, and Protocol"
3. Application Expansion: Deep integration with emerging fields such as RWA and AI Agent
4. Narrative Upgrade: Moving from "Stable" to "Network Native Currency Layer"

Stablecoins are evolving from a simple medium of exchange to the cornerstone of liquidity and the core of value anchoring in the entire crypto economy. In the future, stablecoins will no longer be just "crypto dollars," but rather bridges in a multi-centered financial world and carriers of trust and autonomous experiments.