Where Money Moves - Edition #1

Twice a month, the “Where Money Moves” newsletter breaks down the most important trends, developments, and data points shaping the stablecoin space. From adoption metrics to regulatory updates, we’re tracking how stablecoins are evolving and where the industry is headed next.

Why? Because stablecoins are more than just digital dollars—they are the backbone of today’s crypto markets and the foundation for a new global financial system. In short, understanding where stablecoins are today helps reveal where modern finance is headed next. 

Stablecoin Spotlight: What’s Top of Mind

Following Stripe’s $1.1B acquisition of stablecoin startup Bridge, Stripe’s CEO declared stablecoins the “room-temperature superconductors for financial services.” As the largest crypto acquisition by a payments company to date, it’s clear that major fintech players increasingly see stablecoins as a conduit for modernizing today’s global financial infrastructure.

While Bridge’s integration layer is a step forward, it does not fundamentally solve the inefficiencies of traditional banking infrastructure. Bridge improves stablecoin access, but it does not solve for gas fees, latency, or capital inefficiencies inherent in general-purpose blockchains as long as stablecoins continue to be issued and transacted with on these chains.

The real stablecoin revolution involves an infrastructure layer that removes these constraints entirely, making stablecoins the default medium for global transactions, not just a bridge between crypto and banks.

What’s New with Stablecoins / Stablecoin Signals: News & Views

1️⃣ Tether Was the 7th Largest Buyer of US Treasury Bills in 2024

Ranking at 7th, Tether, the issuer of USD₮, is one of the largest buyers of United States Treasury bills. The company trails closely behind Singapore and the United Kingdom, acquiring over $33 billion worth of US Treasuries. Notably, Tether remains the only company to rank in the top 20, with the remaining participants all being countries.

2️⃣ Non-MiCA-Compliant Stablecoins Are Not Restricted, According to ESMA

The European Securities and Markets Authority confirmed that MiCA rules do not explicitly ban non-compliant stablecoin custody and transfers. This signals a clearer regulatory stance on stablecoin issuers, while leaving room for compliant settlement infrastructure to thrive. 

3️⃣ Trump Directly States that US Legislation for Stablecoins is on the Horizon

United States President, Donald Trump, has stated that stablecoin legislation is coming and will provide a comprehensive framework regarding the interaction between the asset class and financial institutions. Referring to stablecoins as “one of the most exciting technological revolutions in modern history”, Trump slates them as a key upgrade to the existing banking and payment systems currently relied on.

In Other News

• Moonpay acquires Iron.xyz for over $100 million

• Paypal to ramp up adoption and integration of PYUSD through 2025

Stablecoin Adoption Snapshot

1️⃣ Stablecoin Supply & Growth

Stablecoins are increasingly resembling a parallel financial system. With over $225B in supply and growing integrations between crypto and traditional finance, stablecoins are solidifying their role as the digital cash layer of the internet.

• Total stablecoin supply: $229.43 billion (+2.97% over the last 30 days)

• USD₮ remains dominant: 63.3% market share (~$145.5 billion)

• Stablecoins now account for over 1.08% of the U.S. M2 money supply (and growing)

2️⃣ Adoption Continues to Surge

With millions of new users per month—suggests that we’re still in the early stages of stablecoin integration across remittances, securities settlements, and other global payments.

• $2.9 trillion in stablecoin transaction volume over past 30 days, via 636 million transactions

• $489.9 billion in weekly transfer volume across major stablecoin projects

• 154 million wallets hold stablecoins, with 5.1 million new holders added in the past 30 days

• 93.9 million wallets holding Tether's stablecoin, making it the clear leader

3️⃣ Stablecoin liquidity is concentrated onto two major chains

Total USD-backed stablecoin supply increased on every observed blockchain year-over-year. This growth was led by Ethereum, which grew its stablecoin supply by ~$70B since February 2024, as smaller blockchains saw even bigger surges in relative terms.

• 58.1% of all USD stablecoin liquidity is on Ethereum, followed by TRON at 28.3%

• Solana surpasses BSC Chain with the third-largest stablecoin supply for the first time

All data and charts in the Stablecoin Adoption Snapshot are courtesy of our partner, Token Terminal. Please note that while the underlying data points are accurate, certain chart segments may appear incomplete as Token Terminal continues integrating Solana. For fully verified data sets, refer to the figures provided throughout this newsletter.

Plasma: Where Money Moves Next

Despite the explosive growth in stablecoin adoption, the infrastructure supporting stablecoins remains fragmented, inefficient, and—at times—fundamentally flawed.

That’s why we’re building Plasma. As stablecoins transition from crypto-native assets to a global money standard, they need faster, cheaper, reliable and more programmable settlement infrastructure. Plasma is designed from the ground up for this future.

Whether you're a developer, investor, or simply watching where money moves next—Plasma is where the future is being built.

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