Stablecoin Market Surpasses $310 Billion, Highlighting Record Liquidity and Global Settlement Infrastructure

The stablecoin market has reached a record $310 billion, with USDT and USDC dominating 93% of the market. The high concentration of stablecoins is driven by their function as extensions of the US financial system, with implications for liquidity, regulation, and risk frameworks. Despite this, stablecoins are evolving into global settlement infrastructure, with $40 trillion in on-chain volume in 2025, driven by operational usage in settlement, treasury management, payroll, and cross-border payouts.