- Stablecoin market value rose 49% in 2025, reaching about $306 billion by the end of November.
- The U.S. federal government enacted the GENIUS Act
- Major firms including Circle, Ripple, Paxos, BitGo and Fidelity received provisional banking charters from the Office of the Comptroller of the Currency.
- Tether’s USDT was rated “weak” by S&P Global Ratings over reserve composition concerns.
The stablecoin market grew from about $205 billion in January to roughly $306 billion by the end of November 2025, according to data on DeFi Llama. This expansion followed added regulatory clarity and growing institutional use across payments and finance.
Definition: Stablecoins are digital tokens pegged to a fiat currency and backed by reserves that issuers say can be redeemed for cash.
In July 2025, President Donald Trump signed the GENIUS Act, establishing a federal framework for stablecoin issuers. “The passage of the GENIUS Act was quite important. That created a federal regulatory framework for stablecoins that we haven’t had. So I think it provides clarity to the market. Hopefully it will address at least some of the risks of stablecoins. So I think it’s a very important step forward,” said Timothy Massad, former CFTC chairman.
Institutional adoption advanced alongside regulation. Payment firms such as Stripe announced plans to support stablecoin rails, and Paypal expanded its stablecoin PYUSD onto additional networks. Circle completed an initial public offering when CRCL began trading on the New York Stock Exchange on June 30.
Not all developments were positive. S&P Global Ratings downgraded Tether’s USDT to “weak,” citing the inclusion of Bitcoin in reserves and higher risk if BTC prices fall.
Regulatory integration advanced further when the Office of the Comptroller of the Currency gave provisional national banking charters to several companies, according to an OCC press release. “New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said Jonathan V. Gould, Comptroller of the Currency.
The FDIC has begun work on rules to implement the GENIUS Act and plans to propose an application framework and prudential standards, the agency told lawmakers in a statement. “[The FDIC] has begun work to promulgate rules to implement the GENIUS Act,” and expects to propose an application framework “later this month” and prudential standards “early next year.”
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