Stablecoin Market Capitalization Hits $300 Billion

The market capitalization of stablecoins has nearly tripled between 2021 and 2025, reaching $300 billion. However, this figure has remained relatively flat over the last year.

Nearly 99% of stablecoins are denominated in US dollars, according to Dan Katz, IMF First Deputy Managing Director. He noted that reserves are largely held in short-term T-bills and reverse repos, although some issuers also use less liquid and riskier backing assets.

The total stablecoin transaction volume exceeded $30 trillion in 2025, with $6.1 trillion being cross-border activity. However, much of this is driven by bots and algorithmic arbitrage within the crypto ecosystem.