The market capitalization of stablecoins approaches $300 billion, with RWA and payment applications accelerating integration

By the end of 2025, the cryptocurrency market shows a profound structural divergence: while the market cap of stablecoins approaches $300 billion, its growth rate has significantly slowed, whereas the tokenization of real-world assets (RWA) continues to maintain strong momentum. This contrast reflects a shift in industry focus—from mere asset accumulation to application scenarios, cross-border payments, and mechanism innovation.

As of the end of 2025, the total on-chain market cap of RWA reaches $19.04 billion, a slight increase of 4.09% compared to the previous month. The total number of asset holders is about 593,900, up 7.72% month-over-month, indicating a continuously expanding investor base. Meanwhile, stablecoins have a market cap of $298.56 billion, nearing the $300 billion mark, but growth has stagnated, with a month-over-month increase of only 0.36%. Behind this data lies a deeper market change: passive expansion of holder base amid a comprehensive contraction in on-chain economic activity.

Slowing Stablecoin Market Cap Growth and Continuous Expansion of RWA: A Divergence

The stablecoin market exhibits characteristics of “stagnant growth and structural differentiation.” Monthly transfer volume has shrunk to $6.08 trillion, a slight decrease of 0.23%. The total number of active addresses has fallen to 44.43 million, down 1.04% MoM. Meanwhile, the total number of holders has steadily increased to about 213 million, a 4.33% rise. This “volume-price divergence” indicates that new stablecoin holders are mainly long-term investors or low-activity accounts, while demand for payments and trading continues to weaken.

In the leading stablecoin camp, USDT, USDC, and USDS dominate. USDT’s market cap has increased slightly by 1.39%, USDC’s has decreased by 1.34%, and USDS’s has risen by 2.99%. Market concentration further intensifies, but overall growth potential remains limited, suggesting that the primary demand for stablecoins comes from crypto trading and derivatives collateralization rather than real-world payment applications.

In contrast, the RWA sector demonstrates vibrant activity. This emerging sector attracts broad participation—from traditional financial giants to startups—marking an important shift of the financial industry toward on-chain migration and real economy value return. ETHZilla, a representative of Ethereum treasury companies, has announced a strategic shift to focus on RWA tokenization, selling 24,291 ETH for bond redemption, raising approximately $74.5 million. This move symbolizes a transition from asset holding to value creation.

Accelerating Global Regulatory Frameworks and Cross-Border Stablecoin Applications

U.S. regulators are working to create a more friendly legal environment for stablecoins. The U.S. House of Representatives bipartisan bill, drafted by Max Miller and Steven Horsford, proposes a crypto tax framework that exempts regulated stablecoins maintaining a value between $0.99 and $1.01 from capital gains tax. It also establishes a tax safe harbor for staking and mining income. This move indicates that the U.S. is integrating stablecoins into traditional financial regulation, eliminating long-standing tax uncertainties.

Japan is pushing for on-chain reconstruction of financial infrastructure. The government plans to introduce legislation in 2026 to promote the digital securitization of local bonds via blockchain, enabling rapid issuance and settlement without intermediaries, and allowing the use of local stablecoins for interest payments. This innovation opens a low-cost new path for local financing and creates new opportunities for stablecoin mechanism applications.

Ghana, South Korea, and other countries are also accelerating their deployment. Ghana’s parliament has passed the “Virtual Asset Service Provider Act,” officially legalizing cryptocurrency trading. The Bank of Ghana plans to explore gold-backed stablecoins in 2026. South Korea’s central bank has launched a second round of CBDC testing, exploring the distribution of some government subsidies via digital currency to limit subsidy use and reduce administrative costs.

China is actively promoting cross-border digital currency cooperation. The People’s Bank of China and eight other departments issued guidelines supporting cross-border CBDC payments with Thailand, Singapore, Hong Kong, and the UAE, exploring pilot projects for cross-border digital renminbi payments with Singapore, and researching the use of digital renminbi smart contracts and instant settlement to expand applications in channels, financing, and tax rebates.

Domestic Institutions Accelerate Deployment, Ctrip and Others Promote Payment Scenario Implementation

Domestic institutions are turning regulatory advancements into practical applications. ICBC’s Singapore branch has piloted cross-border recharge of digital renminbi personal wallets, allowing Singapore users to top up digital RMB wallets via local accounts for travel and consumption within China. This innovation extends the application boundary of digital RMB and deepens financial cooperation between China and Singapore.

In consumer payments, Trip.com, the overseas branch of Ctrip, has launched stablecoin payment options for global users, supporting USDT and USDC, with payments processed via Ethereum, Tron, Polygon, Solana, and other blockchains. Data shows that using USDT for flights and hotel bookings in Vietnam saves about 18% and 2.35%, respectively. This is a typical example of how stablecoin market cap growth is accelerating real-world application deployment. Crypto payments are supported by Singapore-based Triple-A, which is also collaborating with platforms like Grab to promote stablecoin adoption.

Hong Kong-listed company Qianxun Technology has officially launched the PayKet platform, building a global digital currency financial service based on compliant stablecoins, providing cross-border payment solutions for institutions and individuals. These local initiatives indicate that stablecoins are gradually evolving from pure trading tools into practical infrastructure for cross-border payments.

Tokenization Wave Accelerates, RWA Reshapes Financial Infrastructure

The participation of traditional financial institutions further accelerates market development. NYSE-listed Shift4 has launched a stablecoin settlement platform supporting USDC, USDT, EURC, and DAI across mainstream networks like Ethereum, Solana, Polygon, and TON. This breaks down barriers between traditional payments and digital assets, providing real stablecoin channels for small and medium-sized enterprises.

Asset management firm Amplify has launched two tokenized ETFs: Amplify Stablecoin Technology ETF (STBQ) and Amplify Tokenization Technology ETF (TKNQ), tracking investment opportunities in stablecoins and asset tokenization. Their launch signifies that stablecoins and RWAs are becoming key components of traditional asset allocation.

In financing, startup Nodu has completed $1.45 million pre-seed funding to develop compliant stablecoin solutions for European institutions under MiCA regulations. Stablecoin payment infrastructure provider Coinbax has raised $4.2 million in seed funding, supporting custody, strategy execution, and programmable settlement for digital assets. These financings demonstrate the accelerating commercialization of stablecoin infrastructure.

The stablecoin ecosystem on Aptos is also growing rapidly, with market cap increasing over 60% this year, peaking at $1.8 billion, indicating strong support from the blockchain ecosystem. MSX Tokenized Stock Trading Platform has launched spot and futures trading for sectors including aerospace, defense, global sports brands, as well as gold and silver, showcasing RWAs’ expansion across multiple asset classes.

Notably, stablecoins play a foundational role in supporting these applications. Despite slowing growth, stablecoins remain the primary vehicle for on-chain value transfer, indispensable in every cross-border payment and asset tokenization.

Future Outlook: Stablecoins as the New Artery of the Digital Economy

JPMorgan’s forecast offers a rational perspective on stablecoin prospects. By 2028, the supply of stablecoins could reach $500–600 billion, well below the optimistic $2–4 trillion estimates. This conservative outlook assumes that payment demand remains mainly driven by crypto trading and derivatives collateralization. As more service providers test stablecoin-based cross-border transfer channels, actual payment demand may be unleashed in the future. Importantly, broader payment usage does not necessarily require larger stablecoin circulation, as increased token velocity could be a key driver.

Regulatory frameworks like the SEC’s “Project Crypto” are pushing for clearer classification and oversight of digital assets. Major traditional financial players such as BlackRock, JPMorgan, Citigroup, and DTCC are actively involved, launching tokenized government bonds, deposits, and trading systems. The SEC has approved DTCC’s pilot for tokenization, marking substantial progress in integrating core securities infrastructure with blockchain.

From a macro perspective, finance is becoming as “invisible” as water and electricity—serving as a foundational layer accessible directly by software and AI. Stablecoins, as a critical infrastructure driving this transformation, have transcended their investment attributes and are gradually becoming the new arteries supporting global digital economic flow and enhancing financial system efficiency. Visa’s enabling banks to settle directly in USDC 24/7 significantly improves capital efficiency and is reshaping banking operations—such cases are increasing.

While stablecoin market cap growth has slowed, its application depth and breadth are accelerating. From everyday scenarios like fueling, creator payments, and corporate finance, to cross-border payments and underlying trading tools for tokenized assets, stablecoins are jointly building a future digital financial ecosystem alongside CBDCs and tokenized deposits. The core of this transformation is shifting from “investment-driven” growth to demand-driven real-world applications.