The stablecoin market has completely turned around in 2025. According to data from Bloomberg and Artemis Analytics, the total trading volume for the year surged to $33 trillion, nearly doubling compared to 2024, with a growth rate of 72%. What does this reflect? Digital dollars have evolved from a speculative tool into the foundational infrastructure for daily settlements.

The most interesting development is the subtle shift in market power. On the surface, USDT remains the absolute leader, with a market cap of $187 billion and a 60% share, still holding the top spot. But actual activity is quietly shifting toward USDC.

Numbers speak for themselves: last year, USDC's trading volume reached $18.3 trillion, accounting for 55% of the market, while its market cap is only $76 billion. What does this mean? Its turnover rate is ridiculously high, with every liquidity movement working hard; USDC has become the main on-chain settlement currency.

Behind all this, policy is playing a crucial role. In 2025, the U.S. government introduced the GENIUS Act, the first federal-level stablecoin regulation framework, explicitly requiring issuers to hold reserves equal to their issued amount in cash and U.S. Treasuries. USDC perfectly meets these standards—100% backed by cash and Treasuries—directly strengthening market confidence. Policy dividends have translated into market competitiveness.