Stablecoins

State of Stablecoins

Andrew Dyer, Jake Koch-Gallup, Qorban FerrellJul 22, 2025 ⋅ 2 min read

Andrew Dyer, Jake Koch-Gallup, and Qorban Ferrell have co-authored the 2025 State of Stablecoins. The 128-page report provides an in-depth analysis and review of the stablecoin sector throughout 2025 and a forward-looking perspective on what lies ahead for crypto's killer use case.

This year's report covers trends in cross-border payments, e-commerce, dollar access, tokenized money market funds, regulation, experimental stablecoin designs and more.

To read this report, download the PDF version.

Key Insights

  • $250 billion market-cap milestone on clearer rules. Total outstanding stablecoins punched through $250 billion, right as bills such as the GENIUS Act and MiCA moved from drafts to law, ending a two-year drawdown and unleashing a wave of new issuers.
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Andrew Dyer
0xSynthesis1

Prior to joining Messari, Andrew was an equity trader at a proprietary trading firm. His primary interests are understanding market dynamics, riding trends, and finding the occasional onchain winner.

Jake Koch-Gallup
immutablejacob

Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.

Qorban Ferrell
Degenerate_DeFi

Qorban was previously an analyst at a stablecoin startup. His primary interests are DeFi, stablecoins, and macro finance.

Mentioned Assets
Outline
  • Key Insights
Authors
Andrew Dyer
Prior to joining Messari, Andrew was an equity trader at a proprietary trading firm. His primary interests are understanding market dynamics, riding trends, and finding the occasional onchain winner.
Jake Koch-Gallup
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Qorban Ferrell
Qorban was previously an analyst at a stablecoin startup. His primary interests are DeFi, stablecoins, and macro finance.
Mentioned Assets