Signal Stablecoin capitalisation doubles under two-issuer concentration

Summary

Stablecoins have grown rapidly while remaining concentrated in very few hands. From July 2023 to July 2025, total stablecoin market capitalisation rose from $125 billion to $255 billion. Some 90% of that value sits with just two issuers. Coins backed by the US dollar account for 98% of the global market, exceed $300 billion in value and number more than 300 active tokens. The issue gained further weight when the GENIUS Act, dedicated US stablecoin legislation, was signed into law in July 2025.