Analysis of the Impact of Record Growth in Stablecoin Trading Volume on the Digital Asset Investment Landscape and Cryptocurrency Company Valuations

Based on collected market data, real-time stock information, professional analysis, and generated charts, I will provide you with

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Stablecoins, as critical infrastructure connecting cryptocurrencies and the traditional financial system, saw their trading volume reach

in 2024, a 72% year-over-year increase [1]. This growth trajectory is remarkable: from just $16.9 billion in 2019 to nearly $970 billion as of August 2025, stablecoins have experienced one of the fastest adoption curves in the history of digital assets [2].

Indicator	2023	2024	Year-over-Year Growth
Stablecoin Trading Volume	~$19 trillion	$33 trillion	72%
USDC Trading Volume	-	$18.3 trillion	-
USDT Trading Volume	-	$13.3 trillion	-
Total Stablecoin Market Cap	~$120 billion	$250 billion	108%

Notably, stablecoin trading volume in the first seven months of 2025 has already exceeded

, an 83% increase compared to the same period in 2024 [2]. Based on current growth trends, monthly trading volume is expected to approach by December 2026 [1].

The stablecoin market presents a clear duopoly structure:

• USDT (Tether)
  : Captures approximately
  66-70%
  of the market share, with a circulating supply of $180 billion as of September 2025, and monthly transaction volume exceeding
  $1 trillion
  [3]
• USDC (Circle)
  : Accounts for approximately
  30%
  of the market share, with a market cap of around $73.6 billion [3]

In terms of blockchain distribution, the Tron network hosts the largest stablecoin trading volume ($3.3 trillion), followed by Ethereum ($1.2 trillion) and Binance Smart Chain ($700 billion) [1].

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The growth in stablecoin trading volume is highly correlated with the accelerated entry of institutional investors. According to EY’s 2025 Institutional Investor Digital Assets Survey,

[4].

Adoption Area	Current Adoption Rate	2025 Expected	Growth Rate
Direct Cryptocurrency Holdings	45%	65%	+44%
Spot ETF Investments	42%	68%	+62%
DeFi Participation	24%	75%	+213%
Stablecoin Usage	50%	72%	+44%
Tokenized Assets	30%	57%	+90%

, indicating a strong preference for compliance and regulatory certainty [4].

As a bridge between cryptocurrencies and traditional finance, stablecoins have directly driven the unprecedented success of Bitcoin ETFs:

• BlackRock’s iShares Bitcoin Trust (IBIT)
  : Has attracted approximately
  $62.5 billion
  in cumulative net inflows, making it one of the most successful ETF products in history [5]
• Total Bitcoin ETF Inflows
  : Since their launch in January 2024, cumulative net inflows have approached
  $58 billion
  [5]
• Institutional Holdings
  : 86% of institutional investors currently hold or plan to invest in Bitcoin ETF products [6]

BlackRock has listed Bitcoin ETFs as one of its three key investment themes for 2025, alongside short-term U.S. Treasuries and U.S. tech giants [5].

The deepening penetration of digital assets reflected in stablecoin trading volume growth has spurred the rapid proliferation of the

model:

Company	BTC Holdings	Holding Value	Characteristics
Strategy (formerly MicroStrategy)	673,783 BTC	Approximately $62.7 billion	Sustained aggressive accumulation
Semler Scientific	-	-	U.S. listed company follower
Metaplanet	-	-	Japanese market follower
Tesla	Approximately 9,720 BTC	Approximately $900 million	Early adopter

This model has transformed Bitcoin from an investment asset into a

. As of 2025, the total value of Bitcoin held by listed companies exceeds [7].

As a core pillar of the DeFi ecosystem, the growth in stablecoin trading volume has directly driven the recovery of decentralized finance:

• Current DeFi Participation Rate
  : 24% of institutional investors are active in the DeFi space
• Expected Growth
  : This proportion will jump to
  75%
  within the next two years [4]
• Interest in Tokenized Assets
  : 57% of surveyed investors expressed interest in investing in tokenized assets, particularly alternative funds

Stablecoin use cases in DeFi include liquidity mining, lending, derivatives margin, and cross-border payments. In Latin America,

, far higher than the 39% in the North American market [1].

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, the largest compliant cryptocurrency exchange in the U.S., perfectly illustrates the positive impact of stablecoin trading volume growth on valuations through its stock performance:

Indicator	Data
2024 Stock Price Increase	+69%
Current Market Cap	$66.5 billion
2024 Q4 Revenue Forecast	$2.1 billion
2025 Revenue Forecast	$8.9 billion
Average Daily Trading Volume	10.86 million shares

According to real-time data, Coinbase’s stock price rose from $201.84 in August 2024 to a high of $444.65 in early 2025 (an increase of over 120%). Although it has pulled back recently, the current stock price is approximately $245.59, still up 21.68% from the start of the period [0].

is a major milestone for the stablecoin industry:

• IPO Date
  : June 5, 2025, New York Stock Exchange
• Funds Raised
  : $1.05 billion (over 25x oversubscribed)
• IPO Pricing
  : $31 per share
• Post-IPO Performance
  : Stock price has risen
  270%
  from the IPO price
• Current Valuation
  : Approximately
  $18 billion

This is the largest cryptocurrency IPO in the U.S. since Coinbase’s listing in 2021, highlighting strong market recognition for the stablecoin business model [8].

is a pioneer in using Bitcoin as a strategic reserve asset, and its valuation model has shifted from a traditional business intelligence company to a “Bitcoin leverage tool”:

Indicator	Data
Bitcoin Holdings	673,783 BTC
Average Cost per BTC	Approximately $74,978/BTC
Total Holding Cost	Approximately $50.3 billion
Current Market Cap (Equity)	Approximately $35 billion
Value of BTC Holdings	Approximately $62.7 billion
Stock Price Pullback from High	Approximately 64%

Strategy’s “market-to-net-asset value ratio (mNAV)” has fallen below 1, meaning the company’s market cap is now lower than the value of its Bitcoin holdings [7]. This valuation compression reflects a market reevaluation of highly leveraged Bitcoin strategies.

Valuation performance of Bitcoin mining companies shows significant divergence:

Company	2024 Stock Price Performance	Market Cap	Characteristics
Iris Energy (IREN)	+65%	$2.4 billion	AI GPU deployment
Coinbase (COIN)	+69%	$66.5 billion	Exchange leader
CleanSpark (CLSK)	-6%	$2.9 billion	Aggressive expansion
Marathon Digital (MARA)	-16%	$6.5 billion	Largest miner
Riot Platforms (RIOT)	-27%	$3.7 billion	Failed acquisition
Bitfarms (BITF)	-43%	$917 million	Acquisition competition

Marathon Digital’s current stock price is approximately $10.44, representing a significant pullback from its 2024 high. According to real-time data, MARA’s stock price fell from $18.08 in August 2024 to the current $10.44, a decline of 42.26% [0].

: Mining companies with capabilities (such as Iris Energy) are commanding valuation premiums, while pure mining companies are facing valuation compression.

If reports are accurate,

, and it is currently conducting a $1.5 to $2 billion financing round, selling approximately 3% of its equity [3]. This would make Tether one of the most valuable private companies in the world, surpassing most public companies.

Tether Key Indicators	Data
Circulating Supply	~$180 billion
Monthly Transaction Volume	>$1 trillion
Reserve Composition	51% U.S. Treasuries, 25% Cash Deposits
Stablecoin Market Share	~70%

Tether has become one of the top 20 holders of U.S. Treasuries, holding approximately

in U.S. Treasuries [2].

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Analysis shows a strong positive correlation between stablecoin trading volume growth and cryptocurrency company valuations:

1. Trading Volume Amplifies Revenue
   : Stablecoin trading volume directly drives interest income for issuers (such as Circle) and fee income for exchanges
2. Liquidity Premium
   : High trading volume means better market depth and lower transaction costs, attracting more institutional capital
3. Network Effects
   : Trading volume growth reinforces itself, creating a positive feedback loop

The pro-cryptocurrency policies implemented after the Trump administration took office have significantly improved the industry’s valuation outlook:

Policy Initiative	Impact
Revocation of SAB 121 Accounting Standards	Allows banks to hold crypto assets
Signing of Pro-Cryptocurrency Executive Order	Sends clear policy support signal
SEC’s New ETF Listing Standards	Accelerates new product approvals
Congressional Passage of the GENIUS Act	Establishes stablecoin regulatory framework

These policy changes have eliminated long-standing regulatory uncertainty that plagued investors, driving a systematic revaluation of valuations.

The significant divergence in cryptocurrency company valuations reflects the market’s repricing of different business models:

Company Type	Valuation Logic	2024 Performance
Compliant Exchanges	User growth + interest income + ecosystem expansion	Strong
Bitcoin-Holding Companies	(Bitcoin price × holdings) - liabilities	Highly volatile
Pure Mining Companies	(Bitcoin production × price) - costs	Under pressure
AI + Mining Companies	Diversified computing power assets	Relatively resilient

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1. Stablecoin Infrastructure is Core Assets
   : The oversubscribed Circle IPO and Tether’s potential $500 billion valuation highlight the strategic value of stablecoin businesses

2. Compliance Advantages Translate to Valuation Premiums
   : Compliant platforms such as Coinbase and Circle enjoy valuation premiums from regulatory certainty

3. Corporate Bitcoin Treasury Model Requires Validation
   : Strategy’s valuation compression warns of the risks of highly leveraged strategies

4. Mining Companies Need Business Diversification
   : Mining companies expanding into AI/HPC outperform pure mining businesses

Risk Type	Details
Regulatory Risk	Changes to stablecoin regulatory policies may impact business models
Interest Rate Risk	Federal Reserve interest rate policies directly affect stablecoin interest income
Competition Risk	CBDCs (Central Bank Digital Currencies) may erode market share
Technology Risk	Blockchain security vulnerabilities or smart contract risks
Market Risk	Sharp fluctuations in crypto asset prices transmit to related companies

Based on current trends, the stablecoin market is expected to continue developing in the following directions:

• 2025 Year-End Market Cap
  : Exceed
  $400 billion
  [2]
• 2028 Market Cap Forecast
  : Reach
  $2 trillion
  [2]
• Payment Market Share
  : Stablecoin trading volume is expected to surpass the annual trading volume of Visa and Mastercard in 2025 [8]

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Record growth in stablecoin trading volume is a key sign of the maturation of the digital asset industry, having a profound impact on the investment landscape and company valuations:

1. Reshaped Investment Landscape
   : Large-scale entry of institutional investors, Bitcoin ETFs becoming mainstream investment tools, and proliferation of the “corporate Bitcoin treasury” model

2. Restructured Valuation System
   : Compliant exchanges and stablecoin issuers receive valuation premiums, while pure mining and aggressive strategy firms face valuation compression

3. Intensified Industry Differentiation
   : Companies embracing regulation and business diversification perform well, while traditional model firms face challenges

4. Broad Growth Space
   : The stablecoin market is still in its early stages, with policy support and technological maturity driving sustained growth

Investors should focus on

, , and , while remaining vigilant of risks from highly leveraged strategies and policy uncertainty.

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[1] CoinLedger - “Stablecoin Market Share and Transaction Volume” (https://coinledger.io/nl/research/stablecoin-market-share-and-transaction-volume)

[2] TRM Labs - “2025 Crypto Adoption and Stablecoin Usage Report” (https://www.trmlabs.com/reports-and-whitepapers/2025-crypto-adoption-and-stablecoin-usage-report)

[3] Insights4VC - “Tether explores $15 to $20B round at about $500B valuation” (https://insights4vc.substack.com/p/tether-explores-15-to-20b-round-at)

[4] EY - “2025 Institutional Investor Digital Assets Survey” (https://www.ey.com/content/dam/ey-unified-site/ey-com/en-us/insights/financial-services/documents/ey-growing-enthusiasm-propels-digital-assets-into-the-mainstream.pdf)

[5] Yahoo Finance - “BlackRock Names Spot Bitcoin ETF Among Its Top Investment Themes of 2025” (https://finance.yahoo.com/news/blackrock-names-spot-bitcoin-etf-080029020.html)

[6] TechRepublic - “Morgan Stanley Files Bitcoin and Solana ETF Applications” (https://www.techrepublic.com/article/news-morgan-stanley-bitcoin/)

[7] BitcoinTreasuries.net - “Strategy - Bitcoin Treasury Holdings & Analysis” (https://bitcointreasuries.net/public-companies/microstrategy)

[8] Kaiko Research - “The Data Behind Circle’s $18B Valuation” (https://research.kaiko.com/insights/the-data-behind-circles-18b-valuation)