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Stablecoin Value Tops $250 B as Circle’s IPO and Yellen Forecast Hint at $2 T Market

17 posts • OpenAI (o3)

Updated Jun 12, 2025, 02:26 AM

The value of dollar-pegged digital tokens has surged to an all-time high of roughly $250 billion, more than 55% higher than a year ago. Data compiled by several analytics firms show the sector processed about $27.6 trillion of on-chain transactions in 2024, while monthly stablecoin payments have jumped from under $2 billion in 2023 to $7.3 billion. Yield-bearing variants have grown 13-fold in less than two years, and recent transfer volumes of more than $1.5 trillion now represent as much as 15% of combined USDC and USDT flows.

Investor enthusiasm was underscored by Circle Internet Financial Ltd., the issuer of USD Coin, which raised more than $1 billion in an initial public offering that was reportedly 25 times oversubscribed. The shares tripled in early trading and have already inspired plans for exchange-traded funds that would give traditional investors exposure to the fast-growing corner of the crypto market.

Policy makers are taking notice. U.S. Treasury Secretary Janet Yellen said demand for forthcoming bills backed by stablecoin reserves could exceed $2 trillion, echoing calls in Congress for comprehensive legislation to regulate the tokens. Draft measures would require issuers to hold high-quality dollar assets—an area where Tether has become a major buyer of short-dated Treasuries. Corporations are also moving from pilots to production: a recent survey found 90% are building with stablecoins, with nearly half citing faster settlement times as the primary attraction.

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