Total stablecoin transfer volumes rose 20% to $35 trillion U.S. in 2025 amid growing adoption and use of the cryptocurrencies.
Stablecoins are cryptocurrencies whose price is pegged to another asset, typically the U.S. dollar or price of gold.
Owing to their stability and lack of volatility, stablecoins are gaining global acceptance and increasingly used in digital payments and decentralized finance (DeFi).
Several countries, including Canada and the U.S., issued draft regulations last year aimed at regulating stablecoins as their popularity grows.
A new report by blockchain analytics platform TRM Labs shows that stablecoin adoption is growing at a brisk clip, with transfer volumes reaching $35 trillion U.S. in 2025.
At the same time, less than 0.5% of stablecoin transactions were tied to illicit activity, bolstering their reputation as a safe cryptocurrency.
In its report, TRM Labs said that stablecoin usage remains overwhelmingly legitimate.
In 2025, illicit entities received $141 billion U.S. in stablecoins, of which $72 billion U.S. was linked to the A7A5 token, a ruble-pegged stablecoin that is under global sanctions.
The report also notes that 2025 was the first year that stablecoin activity exceeded $1 trillion U.S. in monthly transaction volume.
The two most widely used stablecoins are Tether (USDT) and USD Coin (USDC), which together control about 90% of the global stablecoin market.
USD Coin is administered by Circle Internet Group (CRCL), whose stock has declined 40% since going public last June and currently trades at $63.15 U.S. per share.
