TL;DR
- Stablecoins accounted for 74.6% of institutional OTC volume in the first half of 2025, up from 46% a year earlier and 23% in 2023.
- USDC multiplied its trading volume by 29 after restrictions on USDT in Europe, while Cardano, Solana, and XRP captured 16.7% of OTC activity.
- Finery Markets warned that the growing number of issuers without sufficient secondary market liquidity increases the risk of runs if a token loses its peg.
The stablecoin market solidified its dominance in institutional cryptocurrency trading during the first half of 2025.
According to a report by Finery Markets, stablecoins made up 74.6% of spot volume traded through over-the-counter deals, a sharp increase from the 46% registered a year earlier. In just two years, the share of stable coins in this segment rose from 23% to the current level, confirming their importance and weight in high-volume transaction flows.
The study, based on more than 4.1 million trades executed between January and June on its non-custodial trading platform, showed a 112.6% year-over-year increase in total OTC volume. The number of trades climbed 57.6%, though the sharpest growth came from stablecoin transactions, which surged 154%.
USDC Surges Thanks to European Regulation
Crypto-to-stablecoin flows jumped 277.4%, far surpassing the 48.5% increase in crypto-to-fiat conversions. This performance confirms it as the fastest-growing segment within the ecosystem.
USDC delivered the strongest performance of the semester, multiplying its volume by 29. This surge was tied to the MiCA regulatory framework in Europe, which led several exchanges to restrict or delist its main competitor, USDT. While Bitcoin, Ethereum, and stablecoins still account for most institutional trading rotation, altcoins like Cardano, Litecoin, Solana, Tron, and XRP managed to capture 16.7% of OTC volume.
The Risk Behind a Growing Number of Stablecoin Issuers
The report also pointed to a sharp increase in mergers, acquisitions, and product launches linked to stablecoins and tokenized payment solutions. Stripe acquired Bridge for $1.1 billion and soon after rolled out a blockchain-based financial management tool. Meanwhile, JPMorgan and Fiserv announced new initiatives in the sector. Galaxy Digital raised $175 million for a stablecoin and DeFi fund, while startup Ubyx secured $10 million for a clearing network.
The CEO of Finery Markets warned of the systemic risk posed by the growing number of stablecoin issuers without enough secondary market liquidity. He explained that a depeg event in one of these assets could trigger a market-wide run, making it essential to improve market depth to contain future confidence crises
