The stablecoin market exceeds $250 billion and continues to be structured around two major poles: Tether's USDT, dominant on crypto-crypto exchanges, and Circle's USDC, geared towards regulated institutions. Together, they account for the bulk of flows, on Ethereum, Tron and other blockchains.
Since 2024, stablecoins have generated more trading volumes than Visa and PayPal. Only one giant remains to compete: the US banking network ACH. This rise is underpinned by 24/7 transfers, very low fees and growing adoption in underbanked areas.
Tether, the main issuer, has thus generated $13 billion in profits in 2024 (a level comparable to BNP Paribas or Mastercard) with fewer than 100 employees.
While players like Circle, Paxos or Société Générale are opting for regulatory oversight (MiCA in Europe, GENIUS Act in the US), others like Tether are favouring flexible jurisdictions. Decentralised stablecoins, meanwhile, remain largely outside existing frameworks.
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