A new report from Birdeye, co-authored with Perena and MoonPay, reveals a stablecoin ecosystem experiencing explosive growth, attracting over $5.5B in recent capital inflows. Major deals propelling this trend include Stripe's $1.1B acquisition of a firm named Stablecoin, World Liberty's $1.5B treasury initiative, and Circle's approximately $1.1B IPO.

The report projects the total stablecoin market capitalization to exceed $250B by August 2025, a dramatic increase from less than $100M in 2018. This growth has positioned major issuers as significant players in traditional finance. As of June 2025, Tether and Circle managed a combined $181.2B in U.S. Treasury holdings, making them the 17th-largest global holder, ahead of Saudi Arabia.

While USDT and USDC maintain their dominance, the landscape is diversifying. Ethena's yield-bearing stablecoin, USDe, has seen its market cap surge 15-fold in 2025 to $13.5B, making it the third-largest stablecoin. The sector of yield-bearing stablecoins has grown 14x since 2024, reaching a total supply of over $15B.

Chain concentration remains high, with Ethereum and Tron accounting for approximately 80% of the circulating supply. However, Solana is emerging as a key network for payments, with its stablecoin supply growing from $2.2B to $11.4B in a single year amid a surge in retail activity. This is reflected in payment volumes, which totaled $94.2B between January 2023 and February 2025. Fireblocks alone saw its payment processing volume climb from $87M in early 2021 to $21B by mid-2025.

This rapid expansion is occurring alongside increasing regulatory clarity. Dedicated frameworks like Europe's MiCA and the proposed GENIUS Act in the U.S. are being established, signaling a maturation of the industry and providing a clearer path for future growth.