Stablecoins now drive $33 trillion crypto economy
Stablecoins have evolved from trading convenience to become the core liquidity infrastructure of the crypto economy, handling $33 trillion in on-chain transactions in 2025. They now account for 30% of all crypto trade volume and serve as the settlement layer for digital assets, replacing speculative Bitcoin/Ethereum flows. This shift transforms crypto cycles into liquidity wars where control over stablecoin supply dictates platform success. Geopolitically, US dollar-pegged stablecoins like USDT/USDC export dollar liquidity globally, influencing sovereign debt markets while raising central bank concerns about bank deposit outflows. Their programmable nature enables $12 trillion annual use for payments and remittances, positioning them as potential competitors to traditional payment systems.