Stablecoin Supply Hits All-Time High

The aggregate supply of dollar-pegged stablecoins climbed to a record this month, underscoring how quickly tokenized cash has become core financial plumbing.

Settlement, Not Speculation

Much of the growth is transactional rather than speculative:

• Cross-border B2B payments are increasingly routed through stablecoin rails.
• Treasuries backing the largest tokens now hold tens of billions in short-dated U.S. paper.
• Emerging-market users continue to adopt dollar tokens as an inflation hedge.

Regulatory Backdrop

With clearer frameworks emerging in the EU and parts of Asia, issuers are racing to secure licenses that would let them serve regulated institutions directly.