Sixteen years after the inception of Bitcoin, stablecoins have emerged as a central force in driving the mass adoption of cryptocurrencies — particularly in payments and financial operations. This insight comes from a June 10 research report published by Coinbase.

The report highlights a notable surge in corporate interest: 81% of small and medium-sized enterprises (SMEs) familiar with crypto indicated a willingness to use stablecoins in their operations.

Interest among large corporations is also intensifying. The number of Fortune 500 companies engaging with stablecoin technology has tripled compared to 2024. Additionally, 82% of SME respondents noted that cryptocurrencies could solve at least one major financial challenge within their businesses.

Record-breaking volumes and adoption

Coinbase recorded unprecedented volumes of organic stablecoin transfers, with December and April representing the two highest monthly volumes in history. The number of stablecoin holders has exceeded 160 million globally, while total stablecoin transfer volume in 2024 reached $27.6 trillion — surpassing Visa and Mastercard combined.

The circulating supply of stablecoins increased by 54% year-over-year.

Regulatory clarity and global momentum

The report emphasizes that clear and consistent regulatory frameworks are essential for the next phase of crypto innovation. It references the GENIUS Act and other bills currently under consideration by the U.S. Congress.

According to Coinbase, 90% of Fortune 500 executives agree that regulatory clarity for cryptocurrencies, blockchain, and related technologies is crucial to sustaining innovation.

South Korea is already making strides: President Lee Jae-myung recently proposed a foundational Digital Asset Act that enables local firms to issue stablecoins with a minimum capital of 500 million KRW (approx. $368,000 USD), subject to reserve-backed guarantees and regulatory approval.

Meanwhile, Europe remains cautious. The European Central Bank is focused on launching a Central Bank Digital Currency (CBDC), while regional governments seek to maintain tight control over financial flows.

Market concentration

The stablecoin market remains highly concentrated. Tether commands a 61% market share with a $155 billion supply, while Circle’s USDC accounts for 24% with $61 billion. Combined, these issuers are responsible for 85% of the stablecoins in circulation.

The third-largest player, USDS (formerly DAI) by Maker, holds a $7.2 billion market cap and remains the only major decentralized stablecoin in the top tier.

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