Messari – State of Stablecoins, Jul 2025

The main theme of the report is the current state and future development of the stablecoin ecosystem.

The report covers the growth of the stablecoin sector, their role in capital markets, and their adoption in various categories such as cross-border payments, e-commerce, access to dollars and financial inclusion, regulation and policy, as well as tokenized money market funds. The main observation is that despite different starting points, traditional financial (TradFi) and crypto-native companies are moving towards a more open, instant, and interoperable global financial market.