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In brief The stablecoin supply jumped $100 billion to a total of $314 billion in 2025. Tether leads in transaction activity, followed by Ripple's RLUSD and Circle's USDC. The Trump-backed USD1 reached the top 5 just months after April launch. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE This was a defining year for stablecoins, with the signing of the GENIUS Act, a high-flying IPO for Circle, and a handful of tokens outpacing the rest. Since the start of January, the overall U.S. dollar-denominated stablecoin supply has increased by more than $100 billion, to $314 billion total. But that doesn’t mean all boats have risen at the same rate. To measure stablecoin performance, Decrypt calculated velocity using historical data from crypto price aggregator CoinGecko from January through December 15. Velocity divides total volume by average supply, resulting in a calculation of how many times each coin has, on average, changed hands. amp;amp;lt;span data-mce-type="bookmark" style="width:0px;overflow:hidden;line-height:0" class="mce_SELRES_start"amp;amp;gt;amp;amp;lt;/spanamp;amp;gt; As former Commodities and Futures Trading Commission Chairman Timothy Massad explained to Decrypt, measuring velocity beats rankings that rely only on total supply. “Stablecoins can be very useful without there being a large market cap,” he said. “In other words, it's really the velocity, the transaction use, and they can circulate very quickly even if the amount outstanding is not that great.” Tether (USDT) Tether tops the list with a velocity of 166 because it’s long been a workhorse for global crypto trading. It can’t claim the crown as the first-ever stablecoin—that belongs to BitUSD. But it launched the same year, in 2014, and became the first widely used one. Tether boasts a market capitalization of $186 billion after increasing 35% since the start of the year, according to CoinGecko data. The bulk of Tether tokens get traded on Ethereum (46.3%) and Tron (41.4%), according to DeFi Llama data. Tether began the year by relocating to Bitcoin-friendly El Salvador, where President Nayib Bukele declared BTC legal tender in 2021. There have been a few bumps, though. In March, Binance said it would delist USDT for European Union users to stay compliant with MiCA regulations, which require stablecoin issuers to be licensed. But that’s not stopped the company from turning a hefty profit. So far in 2025, Tether has seen $10 billion in profit in the first three quarters of the year, the company said in October. Ripple USD (RLUSD) Ripple Labs’ stablecoin, RLUSD, swiped the second spot with a velocity of 71. That means, on average, every RLUSD token has changed hands 71 times since the start of the year. In most stablecoin lineups, Circle’s USDC would hold this spot because its $78 billion market capitalization trumps that of RLUSD’s $1.3 billion. But as Massad pointed out, stablecoin performance has more to do with being able to move money efficiently than its total supply. Ripple was provisionally approved for a national banking charter by the Office of the Comptroller of the Currency, or OCC, in December. “This is a massive step forward—first for RLUSD— setting the highest standard for stablecoin compliance with both federal (OCC) state (NYDFS) oversight,” Ripple Labs CEO Brad Garlinghouse wrote on X. HUGE news! @Ripple just received conditional approval from the @USOCC to charter Ripple National Trust Bank. This is a massive step forward - first for $RLUSD, setting the highest standard for stablecoin compliance with both federal (OCC) state (NYDFS) oversight. To the… — Brad Garlinghouse (@bgarlinghouse) December 12, 2025 Ripple Senior Vice President of Stablecoins Jack McDonald has often pointed out that RLUSD was specifically designed for institutional use. At the start of December, Ripple got the green light from the Singapore Monetary Authority, or MAS, to expand XRP and RLUSD payments in Singapore. And earlier this year, RLUSD was integrated into Securitize's tokenization platform. That means it’s one of the assets investors can swap for tokenized money market funds. Circle (USDC) USDC saw its velocity reach 56 in 2025, while its market capitalization climbed 78% to $78.4 billion by December 15. Perhaps more than any of its competitors, Circle benefitted massively from the passage of the GENIUS Act. Its operating model already resembled the federally regulated framework that’s now become U.S. law. That’s given Circle a head start on compliance and investor confidence—and investors took note. CRCL was so popular with investors on its debut that the NYSE halted trading three times. Since then, Circle has reported $740 million in Q3 revenue, marking a 66% year-over-year increase. Circle has also rolled out the testnet for Arc, its layer-1 blockchain, which counts BlackRock, Visa, and Amazon Web Services as early participants. Circle was also one of several stablecoin issuers—including Ripple, Paxos and BitGo—which got a provisional approval for its national banking charter and will be looking to expand into broader financial services. USD1 (USD1) USD1 is an outlier because it launched in April, and therefore doesn’t have nearly a full year’s worth of data. But that didn’t stop it from landing right next to the podium with a velocity of 39. Issued by World Liberty Financial—the crypto-focused firm co-founded by Donald Trump Jr. and partners—USD1 was designed from the outset to be a highly liquid transactional stablecoin. The token reached a $1 billion market cap in April, less than a month after its launch, according to data from CoinGecko. There have been some very bullish predictions about its growth. Blockstreet’s Kyle Klemmer told Decrypt he believes USD1 will be the world’s dominant stablecoin, beating USDT and USDC, before President Donald Trump’s second term ends in 2029. The project has leaned heavily on retail distribution and promotional partnerships, including integrations with several U.S.-based crypto exchanges, like Coinbase and FalconX, and it’s making a bid to become “Solana’s go-to stablecoin” by teaming up with meme coin platform Bonk and decentralized exchange Raydium. PayPal USD (PYUSD) PayPal USD’s velocity of 18 lands it in fifth place on this list. Its 2023 debut made big waves because it was the first time an established payments platform made a bid at issuing a stablecoin—years before there was a regulatory framework in the U.S.. For most of this year, growth for PYUSD moved at a modest pace. Its market capitalization peaked above $1 billion in June and then established a foothold in September. Since then, it’s nearly tripled to $3.8 billion as of December 15. PayPal has teamed with LayerZero to expand the token’s presence to nine new blockchains, including Tron, Abstract, Aptos, and Avalanche. But there’s also been some controversy. In October, observers noted that PYUSD issuer Paxos minted and then immediately burned $300 trillion worth of tokens. It’s an impossibly large number of tokens, given it represents more than twice the world’s GDP. At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD. This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root… — Paxos (@Paxos) October 15, 2025 "This was an internal technical error. There is no security breach,” the firm wrote on X. “Customer funds are safe. We have addressed the root cause." USDe (USDe) Ethena Labs’ USDe demonstrated a velocity of 11 in 2025, with its market capitalization showing a modest gain of 11% from $5.8 billion in January to $6.5 billion by December 15. But that trajectory leaves out the fact that its market cap soared to nearly $15 billion before the early October flash crash. USDe is the only stablecoin on this list that isn’t backed by fiat currency: It’s backed by a delta-neutral strategy involving staked Ethereum and perpetual futures hedges. But its reliance on derivatives means that times of high volatility and shifts in sentiment can cause big swings in market capitalization. Even with a less straightforward structure, the token’s advocates include billionaire Arthur Hayes. But not all regulators are convinced. Ethena Labs pulled out of the German market in April over growing scrutiny over its “serious deficiencies” in compliance. USDS (USDS) Sky’s USDS showed extremely low velocity of 1 in 2025—and that’s by design. To avoid confusion: Sky is a rebrand of DeFi OG MakerDAO and USDS is a rebrand of its DAI stablecoin. Unlike USDT or USDC, which function as transactional stablecoins, most USDS tokens sit locked in Maker vaults or savings contracts as collateral for DeFi loans rather than circulating. Its role in DeFi is closer to a yield-bearing savings instrument than digital cash, so it naturally turns over far less often. For example, the Sky Protocol currently offers a 4% rewards rate (paid in SKY tokens) to users who hold USDS. As of 2025, USDS has seen its market capitalization grow from $5.2 billion at the start of the year to $9.8 billion, marking an 85% increase in just under 12 months.

The following article is adapted from The Block’s newsletter,The Daily, which comes out on weekday afternoons. Happy Tuesday! Bitcoin and Ethereum hold steady as traders await the Fed's rate decision on Wednesday, with markets pricing in a 25 bps cut and only slight odds of a 50 bps surprise. Analysts say a dovish tilt could spark upside, while a cautious tone risks near-term chop despite rising crypto ETF inflows. In today's newsletter, Google launches an AI agent-to-agent payments protocol with stablecoin support, Bitwise predicts the crypto market is setting up for a "spectacular" end-of-year rally, CleanCore buys another 100 million DOGE, and more. Meanwhile, Coinbase's Apple App Store ranking suggests retail is still on the sidelines. Let's get started! P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe! Google brings stablecoin payments to AI agents Google has launched an open-source agent-to-agent payments protocol that supports both card networks and U.S. dollar-pegged stablecoins. The solution was built in collaboration with Coinbase and over 60 other firms, including Salesforce, American Express, and Etsy, to extend Google's agent interoperability framework into payments. The protocol lets AI agents verify user consent, encode guardrails, and settle transactions using cards or onchain assets. If AI agents go mainstream to become shoppers, brokers, and back-office bots, stablecoin-enabled payments could extend crypto's use beyond trading, with a clear audit trail that businesses can rely on. The launch builds on Google Cloud's Universal Ledger blockchain pilot for programmable institutional settlements, signaling a broader push to merge traditional and crypto rails for automation. The Ethereum Foundation also unveiled a decentralized AI team this week, highlighting growing competition to anchor the AI economy's financial layer. Bitwise predicts 'spectacular' end-of-year rally Bitwise CIO Matt Hougan predicted that the Securities and Exchange Commission's proposed generic listing standards could unleash a wave of new crypto ETPs and spark a year-end rally. Current rules force each crypto ETP through a one-off SEC filing that can drag on for 240 days with no guarantee of approval. Generic standards would allow predictable approvals in as little as 75 days, provided the ETPs meet predefined criteria — most likely tied to whether the asset already has a regulated futures market in the U.S. at exchanges like the CME or Cboe, Hougan said. ETPs make it easier for the broader audience of traditional investors to allocate to crypto, so assets are better positioned to "rip" when fundamentals improve, he argued. Dogecoin treasury firm CleanCore adds 100 million more DOGE CleanCore Solutions has bought another 100 million DOGE, boosting its treasury past 600 million as it targets amassing 1 billion of the OG memecoin within 30 days. The NYSE-listed firm, backed by the Dogecoin Foundation and its corporate arm House of Doge, aims to eventually control up to 5% of DOGE's circulating supply. CleanCore's strategy is to position Dogecoin as a reserve asset for payments, tokenization, remittances, and staking-like products, with support from investors like Pantera and GSR. Elon Musk's personal lawyer, Alex Spiro, chairs CleanCore's board, with DOGE's price climbing over 25% since the firm launched its treasury on Sept. 8. PayPal to expand P2P crypto payments with new Links feature PayPal is introducing a new peer-to-peer payments feature called PayPal Links, with plans to expand support to BTC, ETH, and PYUSD stablecoin transactions soon. It lets users send one-time payment requests and avoids 1099-K tax reporting for gifts, reimbursements, and shared expenses between friends and family on PayPal and Venmo. PayPal will first roll out the feature in the U.S. before expanding to the UK and other markets later this month, aiming to connect billions of wallets worldwide, the company said. The move builds on PayPal's growing crypto push, with PYUSD now a $1.3 billion market cap stablecoin powering its "Pay with Crypto" feature for merchants. Crypto execs join lawmakers in Washington to advance strategic bitcoin reserve bill Strategy co-founder Michael Saylor, MARA CEO Fred Thiel, and more than a dozen other crypto execs joined Sen. Cynthia Lummis and Rep. Nick Begich in Washington, D.C. to push for U.S. strategic bitcoin reserve legislation. The BITCOIN Act proposes acquiring one million BTC over five years with "budget neutral strategies," building on President Trump's executive order establishing permanent federal bitcoin holdings. The bill sits before House and Senate committees, though hearings are not currently scheduled, with backers now working to expand support beyond its current Republican base. In the next 24 hours UK CPI data are released at 2 a.m. ET on Wednesday. Eurozone CPI figures follow at 5 a.m. The U.S. Federal Reserve's latest interest rate decision is due at 2 p.m. The U.S. FOMC has a press conference scheduled for 2:30 p.m. IOTA, ZKsync, and ApeCoin are set for token unlocks. EDCON 2025 continues in Osaka. Crypto Invest Summit kicks off in Berlin. Never miss a beat with The Block'sdaily digestof the most influential events happening across the digital assetecosystem. Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a groundbreaking fusion of finance and technology, PayPal is deploying its own digital currency to power the next generation of artificial intelligence. The payments giant announced it will use its PYUSD stablecoin to finance AI infrastructure, marking a pivotal moment for both cryptocurrency adoption and technological advancement. This strategic move signals a major shift in how large corporations can leverage blockchain assets for real-world, high-growth investments. How Is PayPal’s PYUSD Stablecoin Fueling AI Development? PayPal is channeling its PYUSD stablecoin directly into the AI sector by supporting on-chain funding for a project called USD.AI. According to a CoinDesk report, this initiative creates a direct financial pipeline from the stablecoin to AI computational resources and infrastructure. Essentially, PayPal is using its digital dollar to become a capital provider in one of the world’s most competitive and expensive technological races. This provides a clear, practical utility for the PYUSD stablecoin beyond simple payments, anchoring its value in a tangible, high-demand asset class. What’s the 4.5% Incentive Program All About? To accelerate adoption, PayPal and the USD.AI Foundation are launching a compelling customer incentive program. Starting in early January, the program will run for one year and offer a 4.5% interest rate on deposits. The kicker? This offer stands for deposits of up to $1 billion. This initiative serves a dual purpose: Drives Adoption: It incentivizes both individuals and institutions to hold and use the PYUSD stablecoin by providing a attractive yield. Funds Growth: The pooled capital directly finances the expansion of AI infrastructure, creating a virtuous cycle of investment and innovation. Why Does This PYUSD Stablecoin Move Matter for Crypto? This is not just another corporate crypto experiment. PayPal’s action carries significant weight for the entire digital asset ecosystem. First, it demonstrates a major, legitimate use case for a stablecoin issued by a traditional financial titan. Second, it bridges the worlds of decentralized finance (DeFi) and mainstream corporate finance in a very public way. By choosing to fund AI—a sector synonymous with the future—PayPal is making a powerful statement about the long-term role of assets like the PYUSD stablecoin. It transforms the stablecoin from a speculative tool into a foundational building block for critical infrastructure. What Are the Challenges and Opportunities Ahead? While promising, this venture is not without its hurdles. Regulatory scrutiny around stablecoins and digital asset offerings remains intense. Furthermore, the success of the USD.AI project itself will be crucial in validating this model. However, the opportunities are immense. If successful, this could blueprint a new model for corporate treasury management and project financing. Other companies might follow suit, using their own digital assets or established PYUSD stablecoins to fund ventures in cleantech, biotech, or other capital-intensive fields. This move could unlock trillions in dormant corporate capital for innovation. Conclusion: A New Chapter for Digital Currency Utility PayPal’s decision to deploy its PYUSD stablecoin for AI infrastructure financing is a masterstroke. It cleverly combines customer incentives with strategic investment in a frontier technology. This initiative provides tangible value, encourages adoption, and positions the PYUSD stablecoin as a serious instrument in the modern financial toolkit. It’s a clear signal that the future of finance will involve digital assets working behind the scenes to build the technologies of tomorrow. Frequently Asked Questions (FAQs) What is the PYUSD stablecoin?The PYUSD stablecoin is a digital currency issued by PayPal. It is pegged 1:1 to the US dollar, meaning its value is designed to remain stable compared to traditional fiat currency. How does financing AI with a stablecoin work?PayPal is using its PYUSD to provide on-chain funding to the USD.AI project. This means the capital is transferred and managed using blockchain technology, which is then used by USD.AI to purchase, develop, or lease AI hardware and software infrastructure. Who can participate in the 4.5% incentive program?While full details are pending, the program is likely aimed at customers who hold PYUSD in compatible wallets or through participating platforms. Specific eligibility criteria will be announced by PayPal and the USD.AI Foundation. Is my deposit in the incentive program safe?All investments carry risk. While PYUSD is pegged to the dollar and PayPal is a established company, the specific terms, conditions, and counterparty risks associated with the USD.AI funding program should be reviewed carefully before participating. What does this mean for the future of PayPal and crypto?This move strongly indicates PayPal’s commitment to integrating cryptocurrency into its core business services beyond just buying and selling. It positions PayPal as a facilitator of capital flows using blockchain technology. Could this model be used for other industries?Absolutely. If successful, using stablecoins for targeted infrastructure financing could become a model for other sectors like renewable energy, telecommunications, or scientific research. Found this deep dive into PayPal’s crypto-powered AI strategy insightful? Share this article on your social media to spark a conversation about the future of finance and technology! To learn more about the latest stablecoin trends, explore our article on key developments shaping the cryptocurrency landscape and institutional adoption. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Quick Breakdown Exodus and MoonPay plan to launch a fully reserved, USD-backed stablecoin for Exodus Pay in early 2026.​ MoonPay issues and manages the stablecoin using M0’s open infrastructure for digital dollars.​ Launch aims to make onchain dollar payments simple for non-crypto-native users globally.​ Exodus and MoonPay launch USD-backed stablecoin for consumer payments Cryptocurrency wallet provider Exodus has partnered with MoonPay to roll out a fully collateralized, USD-pegged stablecoin designed to power everyday payments and transfers inside its ecosystem. The digital dollar will sit at the core of Exodus Pay, a new self-custodial payments feature intended for mainstream users who want to spend and send dollars onchain without interacting with centralized exchanges.​ Exodus and MoonPay are launching a fully reserved, USD-backed digital dollar to make everyday payments fast and simple. Issued and managed by @moonpay using @m0 infrastructure, and built for Exodus Pay. Join the waitlist at https://t.co/4l9WCPTZ8w — Exodus (@exodus) December 16, 2025 Under the arrangement, MoonPay will issue and manage the stablecoin while stablecoin platform M0 provides the underlying infrastructure for reserve-backed digital dollars. The launch, expected in early 2026 pending regulatory approvals, places Exodus alongside a growing group of public companies, including Circle, PayPal, and Fiserv, that see branded stablecoins as a route into consumer payments.​ Self-custody first; user experience focus Exodus Pay is positioned as a self-custodial payments layer, allowing users to hold private keys while accessing familiar payment flows such as person-to-person transfers and merchant checkout. Exodus CEO JP Richardson said stablecoins are becoming the most straightforward way for people to hold and move dollars onchain, but stressed that the experience must match modern consumer apps to win over non-crypto users.​ In practice, users can top up their Exodus app balance and use the stablecoin for everyday spending, such as buying coffee or sending money across borders, without managing complex wallet setups. The model aims to bridge the gap between self-custody and usability, an area where many existing wallets still fall short despite the rapid rise in stablecoin payment volumes and active wallets across DeFi.​ Meanwhile, YouTube is partnering with PayPal to offer eligible US creators payouts in the PYUSD stablecoin. This initiative simplifies crypto access for millions by allowing creators to bypass traditional banking and by integrating PYUSD into its platform, positioning YouTube to drive stablecoin adoption and utility in the creator economy significantly, advancing Web3 adoption and a borderless financial system. PayPal is also expanding PYUSD across blockchains like Stellar and Avalanche to boost its market competitiveness. If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community. Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

PayPal, issuer of PYUSD, applies for Utah industrial bank license