CMSPI - State of the Industry Report - 2025

2 PAYMENT METHOD PROFILES: STABLECOIN

Stablecoins Market Cap

$0.00 $50.00 $100.00 $150.00 $200.00 $250.00

Q1 2018

Q3 2018

Q1 2019

Q3 2019

Q1 2020

Q3 2020

Q1 2021

Q3 2021

Q1 2022

Q3 2022

Q1 2023

Q3 2023

Q1 2024

Q3 2024

Q1 2025

Graph 2.41 688

Global Overview

U.S. Tether (USDT)

U.S. Circle (USDC)

Singapore StraitsX (XSGD)

EU Stasis (EURS)

Nigeria cNGN

Japan JPY Coin (JPYC)

Year Begun

2014 689

2018 690

2020 691

2018 692

2015 693

2021 694

Market Cap (as of 3/12/2025)

$162B

$64.7B 695

$10.83M 696

$146.15M 697

$302.83K

$16.52M 698

Volume (traded in last 24 Hours) (as of 3/12/2025)

$15.8B 700

$1.33M

$13.82 701

$2.79K

$0

$135.9B 699

Stability Mechanism

U.S. Dollar

U.S. Dollar

Singapore Dollar

Euro

Nigeria Naira

Japanese Yen

Reports Daily Account Statements 704

Reports Circulation Data Daily 702

Monthly Reserve Report 703

Audited, but N/A on website 705

Transparency

N/A

N/A

Settlement Time (dependent on blockchain availability; see Settlement Times Characteristic below)

13 blockchains 706

18 blockchains 707

5 blockchains 708

8 blockchains 709

7 blockchains 710

6 blockchains 711

Table 2.21

144

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