Stablecoins & CBDCs Report - June 2025

June 2025 was a significant month that saw the stablecoin market reach new all-time highs alongside notable regulatory developments. The total stablecoin market capitalization rose 1.58% to $251B, marking the twenty-first consecutive month of growth with stablecoin market dominance increasing to 7.59%. Other key developments included Circle completing its public market transition and the U.S. Senate passing comprehensive federal stablecoin legislation, the GENIUS Act.

• Circle's Makes Public Market Debut: Circle went public on June 4 after first attempting to IPO via SPAC merger in July 2021. CRCL stock rallied an extraordinary 750% from $31 on IPO day to $263 (as of 23rd), giving the company a market capitalization of $58.6B - nearly matching the circulating supply of USDC.
• Active Stablecoin Count Sees Market Expansion: The number of active stablecoins has nearly doubled from 136 at the start of 2024 to 259 in June. Enthusiasm for the sector has grown dramatically, with Amazon, Walmart, and JPMorgan all exploring their own stablecoins with additional regulatory clarity provided by the GENIUS Act.
• Societe Generale Expands Digital Asset Offerings: Societe Generale announced its plan to launch a USD-denominated stablecoin (USDCV) on Ethereum and Solana networks, with Bank of New York Mellon Corporation serving as reserve custodian. Meanwhile, their euro-pegged stablecoin EURCV reached $41.8B in market capitalization.
• Tether Maintains Market Leadership: Tether USD (USDT) rose 1.46% to $156B, marking its twenty-second consecutive month of growth. USDT's market share remained stable at 62.1%, maintaining its dominant position in the stablecoin ecosystem.