As of August 21, 2025, the stablecoin market has shown a new pattern. The total market capitalization is approximately 278 billion USD, with USDT and USDC accounting for about 167.2 billion and 67.5 billion USD respectively, continuing to maintain their "dual hegemony" status. At the same time, emerging stablecoins such as USDe and USDS have also rapidly risen, with market capitalizations of approximately 11.6 billion and 4.6 billion USD respectively.

Tether achieved an operating profit of over $1 billion in the first quarter of 2025, leveraging the benefits brought by the high interest rate environment with its holdings of nearly $120 billion in US short-term bonds.

Meanwhile, Circle has adopted a different strategy. By promoting the implementation of the GENIUS Act and preparing for an IPO, as well as collaborating with financial institutions such as FIS, Circle is transforming USDC into a regulated payment stablecoin and gradually integrating it into the financial infrastructure.

In terms of network usage, USDC leads in trading volume on blockchains such as Base and Solana, with deeper penetration in the payment and settlement sectors.

The market has also welcomed new participants. The USD1 (1USD) stablecoin, driven by World Liberty Financial and custodied by BitGo, has surpassed a market capitalization of $2 billion. Additionally, MetaMask has announced the issuance of a stablecoin called mUSD, focusing on a "wallet-native" distribution strategy.

The stablecoin market is presenting two different development paradigms: one represented by Tether, which profits through asset management; the other represented by Circle, which focuses on compliance and integration with the traditional financial system. Tether primarily generates substantial returns by holding short-term U.S. Treasuries and money market funds in a high-interest-rate environment. In contrast, Circle is dedicated to making USDC a regulated payment tool that is deeply integrated into financial infrastructure.

As the market continues to evolve, the application scenarios and importance of stablecoins are expanding, and they are becoming an important bridge connecting traditional finance and the crypto economy. In the future, competition in the stablecoin market may become more intense, and changes in the regulatory environment will also have a profound impact on the market landscape.