According to the latest data from research institutions, the global stablecoin trading volume in 2025 has set a new record, with a growth rate of up to 72%, and the total trading volume has surpassed $33 trillion. What does this number reflect? Stablecoins are evolving from niche tools into mainstream financial infrastructure.

In this feast, the market landscape has quietly been rewritten. USDC leads with $18.3 trillion in trading volume, followed closely by USDT with $13.3 trillion. The competition between the two is no longer just about market share but about exploring the future direction of the entire stablecoin ecosystem.

What is even more noteworthy is the driving force behind this. By mid-2025, new legal frameworks have defined clear boundaries for stablecoins. This not only alleviates concerns from traditional financial institutions but also attracts the attention of giants like Standard Chartered, Walmart, and Amazon. They are beginning to seriously consider integrating stablecoins into their own business systems—from cross-border settlements to supply chain finance, the application scope of stablecoins far exceeds expectations.

An interesting phenomenon worth noting: although the total trading volume of stablecoins is soaring, their share of trading on decentralized platforms is actually declining. What does this mean? It indicates that the battlefield for stablecoins has expanded from the pure crypto ecosystem to a broader mainstream business world. Companies are no longer primarily interested in investment returns but in tangible cost optimization—faster cross-border payments, simpler clearing, and easier reconciliation.

This evolution is essentially a transition of stablecoins from "cryptographic assets" to "payment infrastructure," with the entire ecosystem's focus quietly shifting.