Where Money Moves - Edition #4

While regulators debate definitions, the market keeps moving. Stablecoins are being integrated into Visa and Apple Pay and being deployed by major players as we witness a new global financial system is materializing in real time.

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

Stablecoins dominated the discourse at this year’s Token2049 in Dubai, emerging as the central theme across countless keynotes, side events, and hallway discussions. Major announcements from Tether, Trump-affiliated World Liberty Financial, and integrations by legacy players like Apple and Visa underscored the growing significance of digital dollars in the global financial landscape.

Beyond product launches, the conversation repeatedly turned to US stablecoin legislation and the role stablecoins can play in today’s turbulent global economy. Far from just being crypto infrastructure, stablecoins are now being talked about as tools of national competitiveness and global economic alignment.

What’s New with Stablecoins

1️⃣ Tether considers launching a US-specific stablecoin as soon as this year

Announced at Token2049, this new dollar-pegged stablecoin is designed to comply with US regulatory requirements and will operate independently from Tether’s USDT.

2️⃣ US judge rules against Apple's closed payment system, in a major win for the crypto industry

The court ordered Apple to immediately stop blocking developers from directing users to external payment systems and charging commissions on off-app purchases. As a result, Apple apps are now free to integrate stablecoin payments and other onchain financial services.

3️⃣ Trump-backed stablecoin selected for official use in new Middle East investment fund

USD1, the stablecoin launched by Trump's World Liberty Financial crypto venture, will be used by MGX for its $2 billion investment in Binance. USD1 will initially deploy on the Tron network and will be backed by short-term treasuries and cash equivalents.

In Other News

• Visa enables stablecoin-backed debit cards with Bridge, bringing stablecoin payments to its 150M+ merchant network.

• Mastercard expands its stablecoin payment options beyond Paxos as part of its “360-degree approach” to stablecoin adoption.

• Playtron will launch a new stablecoin built for web3 gaming on Sui as it prepares to release its handheld gaming device.

Stablecoin Adoption Snapshot

1️⃣ Stablecoin Supply & Growth

Stablecoin supply continues to grow unabated, with USD₮ remaining the undisputed leader in total stablecoin supply. This continues the uninterrupted surge in stablecoin supply that has continued unbroken since October 2024.

• Total stablecoin supply: $235.1 billion (+1.99% from 30 days ago)

• USD₮ remains dominant: 66.23% market share ($150.1 billion)

• Stablecoins now account for over 1.10% of the US M2 money supply

2️⃣ Adoption Continues to Surge

Stablecoin transaction volume has continued to climb the past two weeks, alongside a steady increase in new wallets holding stablecoins.

• $3.2 trillion in stablecoin transaction volume over past 30 days (via 679.9 million transactions)

• $749.8 billion in weekly transfer volume across major stablecoin projects

• 160.57 million wallets hold stablecoins, (up 2.62% from 30 days ago)

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

3️⃣ Stablecoin Liquidity by Chain

Tron led Q1 USDT activity with 46% of transactions, and will see continued momentum with the recent announcement of USD1 launching on the network.

• Ethereum remains dominant in terms of stablecoin supply, with 53.4%, followed by Tron at 31.44%

• Nevertheless, Ethereum dominance has continuously been trending down, falling 2.5% since the beginning of 2025.

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

This past month made one thing clear: stablecoins are no longer living in the shadow of TradFi, they are building a new layer beneath it. From card network integrations to trillion-dollar volumes, stablecoins are now moving with purpose into retail, legislation, and across the world. And as their influence expands, the chains they rely on will matter more than ever.

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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