Stablecoins have emerged from niche cryptocurrency status to become a transformative force in global finance, with the total market capitalisation reaching $310 billion after 25 consecutive months of expansion. BlackRock's global markets outlook warned that widespread stablecoin adoption could challenge governments' control over domestic currencies, particularly in emerging markets.
Stablecoin Market Overview
- Total Market Cap: $310 billion
- Consecutive Months of Growth: 25
- US Merchants Accepting Crypto: ~40%
- Large Companies ($500M+ revenue): 50%
- Tether Gold Holdings: ~140 tons (~$23 billion)
Corporate Adoption Accelerates
Circle's successful IPO in summer 2025 catalysed visibility for the sector, while mentions of stablecoins on corporate earnings calls increased more than tenfold over the year. Approximately 40% of US merchants now accept cryptocurrency payments, rising to 50% among companies with more than $500 million in annual revenue, according to a PayPal survey.
Banks Enter the Market
Major banks are positioning for entry into the market. Reports indicate ten major banks are exploring consortium stablecoin issuance pegged to G7 currencies, while a separate group of European banks is investigating a euro-pegged stablecoin. Western Union and Klarna have announced plans to develop their own regulated stablecoins.
Tether's Gold Strategy
Tether has quietly built what its CEO describes as the world's largest non-sovereign gold hoard, holding approximately 140 tons of bullion worth about $23 billion in a high-security Swiss facility. The company is adding more than one metric ton of gold per week as part of its reserve strategy.
Infrastructure Matures
The infrastructure for digital assets continues to mature. Mesh closed a $75 million Series C round at a $1 billion valuation for its universal crypto payment platform, while Superstate raised $82.5 million to tokenise SEC-registered securities on Ethereum and Solana.
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