In early December 2024, the total locked value of assets in the stablecoin category renewed its historical maximum, reaching over $200 billion. This is approximately 5% of the capitalization of the crypto market as a whole.
The majority of this amount — nearly $182 billion — is accounted for by two assets: USDT and USDC, according to CoinGecko. Experts predict that the dominance of these stablecoins will continue, and the TVL of the sector as a whole could surpass the $300 billion mark.
Stablecoins are considered the most stable because they are backed by fiat money. They create a kind of bridge between traditional money and cryptocurrencies. This position of stablecoins is likely to remain unchanged for a long time.
However, the complexity of using stablecoins increases the demand for cards that support them. Visa is already actively talking about this. The main obstacles to the rapid implementation of such cards are the lack of a single regulatory framework, different approaches to laws and regulation of cryptocurrencies in different countries.
The main directions of development of stablecoins in 2025:
L2-solution;
Profitability;
Compatibility.
A key trend is expected to be the introduction of stablecoins on the second layer, such as on the Arbitrum, Optimism, and Base networks. This could drive blockchain interoperability and consolidation. Such changes will allow stablecoins to move seamlessly through the ecosystem, creating new opportunities for both retail and institutional markets.
Morph COO Azim Khan noted that new stablecoins with built-in profitability mechanisms are likely to emerge, citing PayPal’s PYUSD as an example, which rewards holders simply for owning the asset.
At the same time, the emergence of new “exotic” stablecoins can cause chaos and become the cause of a new wave of scam projects.
Experts emphasize that the widespread adoption of cryptocurrencies and stablecoins outside of exchanges is impossible without regulators, a common legal framework, innovation, and clear norms. This must happen at a global level, which now looks difficult and long-term, but is not impossible.
Stablecoins are too attractive for traditional financial systems like banks and transfers to ignore, with the first steps towards their implementation expected as early as 2025.
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