Stablecoin settlements reached a record $719B in December 2024 and stood at $717.1B by April 2025, putting them nearly on par with Visa’s payment network volumes. In May 2025, total stablecoin issuance climbed to $247B, almost 10% of all US dollar circulation.
Monthly stablecoin transfers approach Visa-scale volumes. Source Coinbase.Notably, USDC’s market cap reached a record $62B in April 2025, while Circle and Tether’s combined US Treasuries exposure now exceeds that of entire countries like Germany.
The report highlights how stablecoins are helping businesses cut transaction costs, accelerate international payments, and access banking-free financial services. 58% of SMBs say regulated stablecoins reduced their cross-border settlement costs, while 89% see overall benefits.
Parallel to this is a dramatic rise in RWA tokenization: as of April 2025, tokenized asset volume reached $21B—245 times higher than a year earlier. The sector is dominated by private credit (61%), followed by government bonds (30%) and commodities (7%). Leading platforms include Figure, BUIDL, and BENJI, each reporting billion-dollar inflows.
RWA sector capitalization explodes 245x year-on-year. Source CoinbaseSmall business crypto adoption is also surging: 34% of SMBs now use crypto or stablecoins for payments—double the 2024 figure of 17%. 82% say crypto solves at least one financial pain point, while 57% cite cost savings as a key benefit.
However, regulatory uncertainty remains the main hurdle, with 72% of SMBs stating they would use crypto more if there were clearer rules. At the enterprise level, 90% of Fortune 500 executives now advocate for clear crypto regulation as the primary driver of innovation and sector growth. The US is already responding, with 38 states working on over 130 crypto-related bills.
The next inflection point may be the upcoming US Senate vote on the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS Act), scheduled for June 11, 2025.