Stablecoins on the rise: market value reaches almost $300 billion

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DWF Ventures analyzes the growth of the stablecoin market on September 19, 2025 with a market valuation of nearly $300 billion.

DWF Ventures analysiert am 19. September 2025 das Wachstum des Stablecoin-Marktes mit einer Marktwertung von nahezu 300 Milliarden US-Dollar.
DWF Ventures analyzes the growth of the stablecoin market on September 19, 2025 with a market valuation of nearly $300 billion.

Stablecoins on the rise: market value reaches almost $300 billion

The analysis of the stablecoin market presented by DWF Ventures in Dubai on September 19, 2025 shows significant developments in this area. The total stablecoin market is approaching an impressive $300 billion. This represents a 120% increase in capitalization since January 2024. The study particularly highlights the focus on income-producing stablecoins, which are becoming increasingly important.

A comparative analysis of the annual percentage return (APY) of income-producing stablecoins shows interesting results:

  • Falcon’s USDf: 8.98% (7-Tage-Durchschnitt)
  • Aave’s GHO: 7.84%
  • Ethena’s USDe: 7.39%

Rise of yield-producing stablecoins

The analysis shows that stablecoins are becoming an important interface between the crypto world and the traditional financial world (TradFi). The dominance of the two main players USDT (Tether) and USDC (USD Coin) may be about to be challenged by the rise of yield-generating stablecoins. These new players are gaining market share, indicating the potential that lies in this asset class.

DWF Ventures identifies several projects that are actively developing revenue-generating stablecoins. These include names like Ethena, Falcon Finance, Sky, Ondo Finance, Usual and Resolv Labs. These projects take different approaches to yield generation, ranging from real-world assets (RWAs), funding rate arbitrage and staking yields to DeFi yields and protocol yields.

Market dynamics and expectations

The analysis also reveals that most yield-producing stablecoins rely on multiple sources of income, which increases their stability and attractiveness for investors. Falcon Finance, for example, has a circulating supply of $1.8 billion and has 59,000 monthly users. The GHO stablecoin plays a central role in the Aave credit protocol, where revenue is generated primarily from protocol revenue. Ethena’s USDe is now the third largest stablecoin with a circulating supply of $13.7 billion and a market share of 4.65%.

Other notable projects include Resolv, which generates yield through staking and funding rate arbitrage, and Sky, which uses governance mechanisms for its USDS stablecoin. Ondo’s USDY benefits from support from short-term US T-Bills and bank deposits, which helps build trust among users.

Finally, DWF Ventures expects further growth in income-producing stablecoins, particularly through regulatory clarity and the infusion of institutionalized capital. The future market leaders will be defined by factors such as scalability, sustainable returns and capital efficiency.