Every month, we’re diving deep into the state of stablecoins. There’s a lot going on in this sector and no single source of truth for people to stay up to date. So we’re taking a look at the biggest stablecoin developments and use cases, as well as what’s happening onchain — all in one place.
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Top Stablecoin Stats
Total market cap: $295.85B (0.17%)
Monthly transfer volume: $4.65T (-35.78%)
Monthly active addresses: 53.24M (-2.63%)
Total holders: 280.6M (+3.47%)
USDT: $188.41B (+1.75%)
USDC: $71.64B (-0.85%)
USDS: $6.51B (-14.44%)
DAI: $4.58B (-0.88%)
USDe: $4.08B (-8.18%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
What Caught Our Eye
Circle received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to open a national trust bank called Circle National Trust. This is a notable regulatory milestone since it brings part of Circle's business under direct federal oversight, similar to how traditional banks are regulated, rather than relying only on state-by-state licenses. For now, Circle National Trust will only offer custody services to Circle and its affiliated companies, but Circle says that, depending on demand, it may expand this to a limited number of institutional customers.
US lawmakers missed the one-year deadline to finalize the GENIUS Act. The bill, which passed on July 18, 2025, gave regulators exactly one year to write and finalize the detailed rules needed to actually implement the law. The law still remains in effect, but there is now a gap in the regulation regarding how it should actually be implemented. Regulators now have until January 18, 2027 to come to a decision, at which point the full framework must be operational regardless.
Tether signed a Memorandum of Understanding (MoU) with Kenya's Nairobi Securities Exchange to improve investor education around digital assets, develop infrastructure for tokenization of securities and real-world assets, and build AML and KYC processes.
Quote of the month
“I think there's going to be a a day soon where you go to buy a cup of coffee, where whatever form [of payment] you want to use — whether it's a credit card, debit card, a peer-to-peer app, or a bank app — I think you're going to be using a stablecoin and the end user isn't even going to know it. I think there's still a tremendous amount of growth on the table."
Kevin Wysocki, head of policy at Anchorage Digital, on the Talking Tokens Podcast.
Listen to the full episode here to learn more about Anchorage Digital's front-row seat on institutional stablecoin adoption and what it will take for agentic banking to become the next frontier for digital dollars. of the month”
A Chart Worth Checking Out:
Stablecoin transfer volumes have continued their decline of the last few months, currently 51.4% lower than the start of the year.
Base led this decline, with its stablecoin transfer volumes falling 71.7% to $1.66 trillion in July from $5.85 trillion in January.
Consequently, Base’s share of total stablecoin volume fell to 31.9% from 54.2% in January.
Top Stablecoin Developments In July
South Korea's main financial regulator, the Financial Services Commission (FSC), plans to combine around 10 pending digital asset and stablecoin bills into one law. The combined bill would formally define “digital assets”, set conduct rules for crypto businesses, and create a legal framework for how stablecoins can be issued and distributed in Korea.
Ripple launched Ripple Mint, an institutional dashboard and API for minting, redeeming and bridging RLUSD.
Tether is preparing to return USDT to the Bitcoin network. After initially launching on the Bitcoin network, USDT moved to other chains like Ethereum and Tron. The stablecoin is now coming back to Bitcoin using Really Good Bitcoin (RGB), a protocol that lets people issue and manage assets at a far lower cost than Bitcoin was previously capable of.
Hyundai completed a test in which it used USDT to send money internationally between two of its subsidiaries.
Aave Labs is making its smart contract vaults, Stable Vaults, available to businesses that want to offer fixed-rate stablecoin yield. The vaults are customizable, and businesses can choose to accept multiple stablecoins, offer different yield strategies, and pick which rates to offer.
Paxos is now issuing PayPal USD on Polygon. The integration is being made available through Polygon’s Open Money Stack (OMS).
Coupang, a major Korean e-commerce and food delivery company and Korea’s Woori Bank ran a test transaction that used stablecoins to pay for a food delivery order. The transaction was made through the Tempo blockchain.
Want to learn more?
Zaheer Ebtikar, chief strategy officer of Plasma, joined the Talking Tokens podcast to discuss how recent DeFi exploits have changed Plasma’s stablecoin strategy. He also gave insights on the announcement of OpenUSD.
This is the State of Stablecoins. July Edition.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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