RWA – The State of Stablecoins, Jun 2025

The main topic of the report is the development and impact of stablecoins on global financial systems.

Key findings include the significant scale of the stablecoin market with a capitalization of $237 billion and an annual transaction volume of $27.2 trillion. They play a systemic role in US debt markets, where stablecoin issuers hold $128 billion in US Treasury bonds. Dollar-pegged stablecoins dominate, accounting for 95% of total market capitalization. The market is concentrated with four main issuers controlling 95% of the capitalization. There is regulatory progress in key financial jurisdictions, including the implementation of MiCA in the EU and anticipated legislation in the US. Stablecoins play a central role in the decentralized finance (DeFi) sector.