According to a report from the Swedish Central Bank on December 2, the global stablecoin market has surged from $4 billion in January 2020 to $272 billion by October 2025, with 99% pegged to the US dollar. The report points out that stablecoins, as a digital asset based on Distributed Ledger technology, are gradually expanding from cryptocurrency trading tools to practical application scenarios such as Decentralized Finance and cross-border payments.
The EU has implemented regulations on stablecoins through the MiCA regulation, requiring issuers to be fully backed by assets and ensure immediate redemption at par value; the United States, on the other hand, passed the GENIUS Act in July 2025, allowing for a broader range of supported asset options.
The report warns that stablecoins may lead to issues such as increased dollarization, financial stability risks, and asset runs, while also acknowledging their potential to improve payment services. The central bank is considering whether to allow stablecoin issuers to use the central bank's settlement system and reserves as supporting assets to address the growing influence of stablecoins in the financial system.
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