2025年稳定币发展历程市场现状及产业链拆解分析报告

Core Insights - Stablecoins are emerging as a crucial bridge between traditional finance and the digital world, providing value stability by pegging to traditional assets like the US dollar, thus facilitating smoother transactions in the cryptocurrency market [1][25][26] Market Overview - As of June 2025, the global stablecoin market reached a total market capitalization of $262.9 billion, accounting for 7.7% of the entire cryptocurrency market. USDT (Tether) dominates with a market cap of $157.6 billion, representing 60% market share, followed by USDC (USD Coin) at $61.7 billion, or 23% [2][26] - The market is characterized by a high concentration, with USDT and USDC forming a "duopoly" due to their first-mover advantage and strategic partnerships [3][26] Applications and Use Cases - Stablecoins have expanded their applications beyond mere trading intermediaries, becoming integral in various sectors such as cryptocurrency trading and decentralized finance (DeFi). For instance, stablecoins account for over 60% of trading pairs on major exchanges like Binance [4][18] - In the DeFi space, stablecoins are essential for lending and borrowing, with USDC holding over $48 billion in total loans on platforms like Compound [4][16] Cross-Border Payments - Stablecoins are increasingly being utilized for cross-border payments, offering significant advantages over traditional systems like SWIFT, including faster transaction times (minutes instead of days) and lower fees (as low as 0.1%) [5][26] Industry Structure - The stablecoin industry consists of key players including issuers, exchanges, and custodians. Issuers like Tether and Circle earn profits through interest on reserve assets and transaction fees [6][30] - Tether's business model resembles that of a "crypto central bank," where users deposit equivalent assets to mint stablecoins, while Circle relies heavily on reserve asset interest for revenue [6][35] Regulatory Landscape - Regulatory frameworks are evolving globally, with the U.S. Senate passing the GENIUS Act to regulate stablecoins and ensure they are backed by cash or short-term U.S. Treasury securities. Similar regulations are being implemented in regions like Hong Kong [7][26] Future Potential - The growth trajectory of stablecoins remains strong, with USDT and USDC showing annual growth rates exceeding 50%. The increasing regulatory clarity and technological advancements suggest that stablecoins could play a pivotal role in reshaping the global payment system [7][26]