The latest report from blockchain intelligence platform TRM Labs reveals that stablecoins account for over 60% of the total cryptocurrency transaction volume. A sharp increase from just 35% two years ago.
This growth is occurring despite the absence of a clear federal regulatory framework. However, with the approval of the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act by the U.S. Senate yesterday (17), the sector may soon obtain the long-awaited regulatory clarity.
Global adoption of stablecoins reaches new heights
According to the report, in the first quarter of 2025 alone, stablecoins represented 28% of the total crypto transaction volume. Furthermore, TRM highlighted that the leading stablecoins consistently made up at least 4% of the total cryptocurrency market capitalization throughout 2024 and 2025.
More than 90% of fiat-backed stablecoins in circulation are pegged to the U.S. dollar, the report points out. In fact, U.S. dollar-pegged stablecoins are the top choice for many users in the cryptocurrency sector.
TRM data shows that stablecoins in the U.S. have become a central feature of digital asset markets, not only for trading but also for payments, remittances, and savings, the report explains.
The adoption of these stablecoins is growing in regions such as Latin America, Sub-Saharan Africa, and Southeast Asia. Individuals and businesses are turning to these assets as alternatives to traditional financial systems. Moreover, they offer a more reliable means of accessing U.S. dollars and facilitate faster cross-border transactions.
Stablecoins used in legitimate activity
TRM also emphasized that in 2024, 99% of stablecoin activity was legitimate. These tokens facilitated various legitimate use cases, including payments, decentralized finance (DeFi), digital commerce, and international remittances.
However, the blockchain intelligence platform noted that the speed, liquidity, and stability of stablecoins have made them a preferred tool for illicit activities. What, in practice, represents 60% of the illicit crypto transaction volume in the first quarter of 2025.
Misuses include ransomware payments, terrorism financing, romance and investment scams, sanctions evasion, counter-fraud, and large-scale money laundering. Despite the growing interest in privacy coins like Monero, stablecoins remain the asset of choice for many malicious actors.
GENIUS Act paves the way for stablecoin regulation
The GENIUS Act represents a crucial step in addressing these challenges. The legislation seeks to establish a federal framework for the regulation of stablecoins, focusing on consumer protection, market stability, and U.S. leadership in digital finance. It includes several provisions aimed at curbing the illegal use of these assets.
The bill was passed in a Senate vote with strong bipartisan support, marking a significant milestone for legislation.
“The approval of the GENIUS Act by the Senate is a significant step in the right direction for the country. The regulation of stablecoins will benefit all Americans, as it serves as the foundation not only for blockchain innovation but also for financial autonomy. This bill proves that there is an overwhelming bipartisan majority that understands the immense potential that stablecoins can bring,” said Veronica McGregor, General Counsel of Exodus, to BeInCrypto.
She also praised the Senate for its determination to approve the bill with bipartisan support. Now, the GENIUS Act will move to the House of Representatives. McGregor expressed hope that the legislative momentum continues there as well.
The article Stablecoins in the U.S. represent 60% of crypto transaction volume, says report was first seen on BeInCrypto Brazil.