Stablecoin Usage Soars in Emerging Markets: Messari

Stablecoins are being used more than ever around the world, both by regular people and large U.S. companies, according to Messari’s State of Stablecoins 2025 report, released today by the crypto research firm.

The total stablecoin market capitalization recently surpassed $250 billion and now stands at around $261 billion, representing a 3.5% increase in just the past week, according to DeFiLlama. Experts say this growth stems from clearer crypto regulations and an increase in the number of people and businesses using stablecoins in real-world applications.

Messari’s report partly attributes the rapid growth to increasing adoption by global users, including individuals and businesses. Peer-to-peer (P2P) stablecoin trading is booming in Nigeria, China, and Russia. Nigeria leads with nearly $50 million in daily trades, followed by China at $38 million, and Russia at around $33 million. Vietnam, India, and Ukraine also recorded significant activity.

Experts say stablecoins are gaining popularity in these countries because they facilitate easier and cheaper money transfers or currency exchanges, which are often hindered by local laws. People use P2P trading not just to buy and sell, but also to move money between countries.

Stablecoin Users Favor BNB Chain and Tron

On the blockchain side, the report found that BNB Chain and Tron now have the most active stablecoin users. In June, BNB Chain had 11.8 million unique wallets using stablecoins, and Tron had 9.6 million.

Tron is especially popular for Tether’s USDT – the largest stablecoin with a market capitalization of $162 billion – accounting for nearly 50% of USDT activity.

Corporate Adoption

But it’s not just individuals driving this growth. In the past six months, big companies have started using stablecoins for everything from customer payments to managing internal finances. JPMorgan, Citigroup, Amazon, Walmart, Stripe, SpaceX, and Scale AI are among the major companies involved, according to the report.

These companies are utilizing stablecoins to transfer money faster and more cost-effectively than through traditional banking systems or credit card networks. Examples include paying international suppliers, reducing checkout fees for merchants, and transferring funds between different company offices.

Some banks are even creating tokenized deposit products that mix stablecoin features with traditional financial (TradFi) services. Most recently, Citigroup Inc., the third-largest U.S. bank with $1.7 trillion in total consolidated assets, revealed tentative plans to launch its own stablecoin.

The Defiant also reported in May that a group of firms owned by major U.S. banks, including Citi, is considering launching a joint stablecoin.