Bloomberg, citing data from Artemis Analytics, reported that global stablecoin trading volume surged 72% year-on-year in 2025, reaching a record $33 trillion, driven by a pro-crypto policy environment. Circle's USDC led the way with $18.3 trillion in trading volume, while Tether's USDT also maintained a high level at $13.3 trillion. Together, they accounted for the vast majority of stablecoin trading activity. The report stated that after the Trump administration signaled more favorable crypto policies, stablecoins saw significant growth in payments, transaction settlements, and cross-border capital flows, becoming one of the core infrastructures of the crypto market. Analysts believe that the explosive growth in stablecoin trading volume highlights its increasing importance in the global financial system and brings greater attention to future regulatory and policy directions.