Who Really Owns Stablecoin Liquidity in 2025? Here’s the Data 📊

Welcome to PayFi Weekly by Transak.

This week’s vibe regulators are tightening and banks are flirting with blockchain again.

From Ethereum’s $150B stablecoin stack to Transak’s U.S. expansion and Ripple’s $500M raise, the digital dollar’s never been busier.

Let’s get into it 👇

💱 Stablecoin Snapshot

Axelar recently published a report on how stablecoin liquidity is distributed. Here’s our takeaway from it. 🔽

Liquidity is the lifeblood of crypto, and right now it’s all dollar-denominated. 💵

🌍 The USD still rules. Non-USD coins like EURC and BRZ together make up less than 0.25% of supply. So when we talk stablecoins, we’re really talking about digital dollars.

🔗 Ethereum and Tron dominate liquidity, with Solana and BNB trailing behind. Out of 65 chains with over $10M in stablecoin liquidity, only four surpass the $10B mark. Ethereum alone hosts more than $150B.

🏆 USDT and USDC run the show, capturing over 80% of the entire market. Tether’s first-mover advantage gives it a massive lead, while USDC leans on compliance and institutional trust.

🤝 The next wave? Hybrid models. Decentralized issuers like Sky’s USDS and Ethena’s USDe are proving that on-chain minting, backed by crypto collateral, can coexist with regulated fiat models.

Stablecoin fragmentation has been problematic in many ways. As per the report, its clear that every chain and issuer wants to carve a niche of their own. Are we straying further from our goal of liquidity unification? You be the judge.

Read the full report ⚡

⚖️ Regulation

🇺🇸 Transak secures six new U.S. Money Transmitter Licenses (MTLs). These licenses allow Transak to operate directly within that jurisdiction without relying on intermediaries. Read more

🇧🇷 Central Bank of Brazil proposes comprehensive crypto rules regulating stablecoins and FOREX features to curb risks and drive clarity in Brazil’s digital assets market. Read more

🇨🇦 Canada begins advancing legislation to regulate stablecoins, outlining oversight frameworks and issuer requirements as the country moves toward a regulated digital-asset ecosystem. Read more

🌍 Adoption

💵 Standard Chartered announces a new stablecoin-linked credit card, aiming to blend traditional banking services with digital-asset utility for cross-border payments and wallet integration. Read more

💷 The Bank of England proposes a £20,000 cap on retail holdings of stablecoins to limit consumer exposure, while advancing broader regulation of digital payment instruments. Read more

🇵🇰 Pakistan reports a PKR 25 billion loss tied to a domestic rupee-pegged stablecoin scheme. Regulators now tighten crypto rules amid rising digital-asset fraud and misuse. Read more

🛠 Tech & Partnerships

🔵 Coinbase sees a $2 billion acquisition deal for BNK Finance Group collapse, underscoring cautious institutional appetite toward stablecoin business models beyond trading. Read more

🟤 Ripple raises $500 million at a $40 billion valuation (led by Fortress Investment Group and Citadel Securities) to expand its stablecoin and payments business globally. Read more

🌍 Everything Else

📈 Trading volume for Ethereum-based stablecoins hits an all-time high, highlighting accelerating demand for on-chain liquidity and DeFi payment use-cases. Read more

💰 Zynk raises $5 million to develop its stablecoin payments protocol, targeting emerging markets and facilitating programmable value flows via web-native rails. Read more

💌 Like our content? Share it across! PayFi Weekly by Transak