스테이블코인 시장 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the stablecoin market size is expected to grow from USD 0.3 trillion in 2025 to USD 0.33 trillion in 2026 and is forecast to reach USD 1.16 trillion by 2031 at 28.77% CAGR over 2026-2031.

This report is Segmented by Collateral Type (Fiat-Backed Stablecoins, and More), by Blockchain (Ethereum, and More), by Application (Cryptocurrency Trading and Liquidity Management, and More), by End User (Retail Consumers, and More), by Distribution (Centralized Exchanges, and More), and by Geography (North America, South America, and More). The Market Forecasts are Provided in Terms of Value (USD).

Global Stablecoin Market Trends and Insights

Rising Demand for Real-Time Cross-Border Settlement

Cross-border payment friction continues to support the stablecoin market because stablecoin rails can settle at any time and reduce reliance on slower correspondent banking chains. This matters most in corridors where transfer fees, settlement delays, and limited foreign exchange access still make traditional systems costly for both individuals and businesses. The stablecoin market is also benefiting from the fact that corridor economics often matter more than formal rulemaking in early adoption environments, especially where users prioritize speed and cost over product complexity. Circle's Payments Network reported USD 8.3 billion in annualized transaction volume as of March 31, 2026, after expanding fiat payout connectivity through new corridors, including Brazil and Nigeria. This creates an advantage for issuers and partners that can combine low-cost blockchain routes with dependable local cash-out infrastructure in high-volume remittance and B2B payment corridors.

Regulatory Clarity for Reserve-Backed Stablecoins

Regulatory clarity is a major support for the stablecoin market because institutional users have been waiting for clearer expectations on reserves, attestations, custody, and issuer oversight. The GENIUS Act in the United States and MiCA in Europe are setting the first large-scale compliance framework for payment stablecoins, changing how exchanges, banks, and payment firms evaluate distribution partners. The stablecoin market is now separating more clearly between issuers that meet formal operating standards and those that still rely on regulatory gray areas. That split affects platform listings, enterprise partnerships, and the willingness of large financial institutions to integrate stablecoins into customer-facing products. The practical result is that compliance is becoming a distribution advantage rather than merely a legal requirement, reshaping competitive positioning across the stablecoin market.

Reserve Transparency and Redemption Confidence Gaps

Reserve transparency remains a direct limit on the stablecoin market because institutional users still place a high value on clear redemption mechanics, verified reserves, and consistent reporting standards. Even with new regulations, implementation is not yet complete across all major markets, meaning many investors and operating partners still rely on voluntary attestations and uneven disclosure practices. The stablecoin market is therefore developing a quality gap between the largest issuers, which adhere to stronger disclosure standards, and smaller issuers that struggle to consistently demonstrate reserve strength. DeFi protocols are also becoming more selective in their collateral acceptance as on-chain reserve verification tools gain traction, potentially reducing the addressable market for issuers that fail to meet rising transparency expectations. The European Central Bank also warned in July 2025 that differences between United States and European rules could create regulatory arbitrage and raise systemic concerns if under-supervised issuers find indirect access into stricter markets.

Other drivers and restraints analyzed in the detailed report include:

1. On-Chain Treasury and Cash Management for Enterprises
2. Liquidity Bridge For Crypto Trading And DeFi
3. Fragmented Global Licensing and Compliance Burden

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Fiat-backed stablecoins held 92.3% of the market in 2025, indicating that reserve-backed dollar instruments still set the baseline for the stablecoin market. USDT and USDC together accounted for approximately 83% of total supply, while other fiat-backed issuers, such as Paxos with USDP and USDG, PayPal with PYUSD, First Digital Trust with FDUSD, and Ripple with RLUSD, remained more focused on targeted compliance and institutional niches. This pattern shows that trust, liquidity depth, and exchange acceptance still matter more than product variety in the largest part of the stablecoin market. Crypto-collateralized stablecoins such as MakerDAO's DAI remain structurally important because they continue to serve as core collateral in DeFi lending and trading systems. Commodity-backed tokens, including Tether Gold and Paxos Gold, also benefited from stronger gold prices in 2025, and Tether's February 2026 USD 150 million purchase of a 12% stake in Gold.com linked tokenized gold distribution more directly to precious metals demand.

Hybrid and algorithmic stablecoins are projected to expand at a 44.8% CAGR through 2031, making them the fastest-growing collateral segment in the stablecoin market. Growth is being driven by demand for yield-bearing structures that offer an alternative to zero-yield reserve-backed models, especially among institutional allocators seeking greater capital efficiency from digital dollar exposure. Ethena's USDe is a clear example because it uses a synthetic dollar structure built on delta-neutral perpetual derivative positions rather than simple reserve storage. The current generation of synthetic products is materially different from the purely algorithmic formats that failed in 2022, because the newer designs are more risk-segmented and closer in form to structured credit products. Even so, the stablecoin market still faces a policy gap here because regulation has not fully codified how these newer structures should be supervised, leaving room for growth and a clear downside risk if oversight tightens abruptly.

Tron held a 34.9% share in 2025, making it the largest blockchain platform segment in the stablecoin market. That position reflects its very low transaction fees and its role as the preferred route for retail USDT transfers in emerging market corridors across Southeast Asia, Sub-Saharan Africa, and Latin America. The stablecoin market on Tron remains closely tied to payment utility rather than solely to speculation, as many users rely on it as the cheapest available option for routine cross-border transfers. Ethereum still maintained a large position because of its role in institutional DeFi, high-value settlement, and broader application support. Binance Smart Chain and Solana also served distinct user groups, and PYUSD on Solana benefited from sub-cent fees and growing interest from institutional payment processors.

Layer-2 networks are projected to grow at a 39.5% CAGR through 2031, making them the fastest-growing segment of the stablecoin market. The source draft stated that these networks processed more than 1.9 million daily transactions in 2025 and that stablecoins accounted for more than 70% of Layer-2 transaction volume, underscoring the close link between scaling adoption and stablecoin usage. It also stated that Layer-2 adoption reached 85% of Ethereum transaction throughput by late 2025, while Base processed more than 30% of the United States stablecoin transactions through strong USDC volumes. A major operating shift is the move from bridged contracts to native stablecoin issuance on leading Layer-2 networks, and Arbitrum's migration from USDC.e to native USDC by late 2025 reflected that change. This matters for the stablecoin market because issuers that establish native liquidity early on scalable chains can defend market position more effectively than late entrants that rely on bridge-dependent distribution.

Complete Report Scope:

• By Collateral Type
  • Fiat-Backed Stablecoins
  • Crypto-Collateralized Stablecoins
  • Algorithmic Stablecoins
  • Commodity-Backed Stablecoins
  • Other Stablecoins
• By Blockchain Platform
  • Ethereum
  • Tron
  • Binance Smart Chain
  • Solana
  • Layer-2 Networks
  • Other Blockchain Platforms
• By Application
  • Cryptocurrency Trading and Liquidity Management
  • Cross-Border Payments and Remittances
  • Decentralized Finance
  • E-Commerce and Merchant Payments
  • Treasury and Cash Management
  • Other Applications
• By End User
  • Retail Consumers
  • Crypto Exchanges and Trading Platforms
  • Financial Institutions and Payment Service Providers
  • Enterprises and Merchants
  • Developers and Web3 Platforms
  • Government and Public Sector Entities
• By Distribution Channel
  • Centralized Exchanges
  • Decentralized Exchanges
  • Wallet Providers
  • Payment Gateways and Fintech Platforms
  • OTC Desks and Institutional Brokers
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • India
    • China
    • Japan
    • Australia
    • South Korea
    • South East Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, and Philippines)
    • Rest of Asia-Pacific
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Turkey
    • South Africa
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

Asia-Pacific accounted for 39.6% of the stablecoin market in 2025, making it the largest regional market. The region's leadership reflects a combination of high remittance activity, active participation in exchanges, mobile-first financial behavior, and early regulatory development across markets such as Singapore, Hong Kong, South Korea, and Japan. Retail USDT flows on Tron remained especially important across Southeast Asian corridors because low transaction fees and easy availability fit the needs of price-sensitive users and cross-border senders. South Korea's Digital Asset Basic Law remained stalled through mid-2026 because policymakers continued to disagree over which issuer categories should be allowed, delaying local-currency stablecoin issuance and keeping global-dollar stablecoins more prominent in the interim. India, Indonesia, Thailand, Vietnam, and Malaysia also remain important growth markets for the stablecoin market because underbanked populations, smartphone-based finance, and meaningful remittance inflows continue to support adoption.

North America and Europe define the compliance frontier for the stablecoin market because both regions are shaping the rules that institutional users are likely to follow. In the United States, final rules under the GENIUS Act are required by July 18, 2026, with the law taking effect within 120 days after that, which places formal institutional market activation on a late 2026 to early 2027 timeline in the source draft. Tether launched USAT in January 2026 through Anchorage Digital Bank, with reserves held at Cantor Fitzgerald, demonstrating how major issuers are preparing product structures specifically for the United States compliance environment. In Europe, the full MiCA transition period ends on July 1, 2026, and the source draft noted that 10 issuers received formal authorization, while USDT had already been removed from regulated EU platforms by the first quarter of 2025. The European Commission also opened a consultation on May 20, 2026, to review whether MiCA remains fit for purpose, and the source draft noted that euro stablecoins represented EUR 774 million, or USD 835.9 million, versus USD 320 billion for dollar-denominated instruments, highlighting the wide current gap between euro and dollar stablecoin activity.

The Middle East and Africa are projected to grow at a 35.6% CAGR through 2031, which makes it the fastest-growing regional segment in the stablecoin market. High remittance dependence, foreign exchange access constraints, and expanding corridor infrastructure are supporting this rise, especially in markets linked to Dubai's regulatory environment and broader expatriate payment flows. The stablecoin market is also gaining traction in the UAE as firms seek payment routes that reduce reliance on disrupted correspondent banking channels. At the same time, South America, especially Brazil and Argentina, remains important because dollar-linked stablecoins serve as practical tools in foreign-exchange-constrained settings. Argentina was cited in the source draft as accounting for approximately 46% of local stablecoin volumes, while Brazil's central bank and fintech ecosystem are exploring links with USDC and the PIX instant payment system, which could open a large institutional corridor during the forecast period.

1. Tether Limited
2. Circle Internet Financial, Inc.
3. PayPal Holdings, Inc.
4. Paxos Trust Company, LLC
5. MakerDAO
6. Ethena Labs
7. First Digital Trust
8. Ripple Labs, Inc.
9. Binance Holdings Limited
10. Coinbase Global, Inc.
11. Anchorage Digital Bank, N.A.
12. BitGo, Inc.
13. Fireblocks Ltd.
14. Gemini Trust Company, LLC
15. Societe Generale - FORGE
16. Visa Inc.
17. Mastercard Incorporated
18. Stripe, Inc.
19. Fiserv, Inc.
20. Kraken

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Rising Demand for Real-Time Cross-Border Settlement
  • 4.2.2 Liquidity Bridge For Crypto Trading And DeFi
  • 4.2.3 Regulatory Clarity For Reserve-Backed Stablecoins
  • 4.2.4 Treasury Yield Economics Supporting Issuer Scale
  • 4.2.5 On-Chain Treasury And Cash Management For Enterprises
  • 4.2.6 Synthetic Stablecoin Risk Segmentation And Yield Demand
• 4.3 Market Restraints
  • 4.3.1 Reserve Transparency And Redemption Confidence Gaps
  • 4.3.2 Fragmented Global Licensing And Compliance Burden
  • 4.3.3 Limited Payments Penetration Beyond Crypto-Native Use
  • 4.3.4 Market Concentration Limits New Issuer Network Effects
• 4.4 Value Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Porter's Five Forces Analysis
  • 4.7.1 Threat of New Entrants
  • 4.7.2 Bargaining Power of Suppliers
  • 4.7.3 Bargaining Power of Buyers
  • 4.7.4 Threat of Substitutes
  • 4.7.5 Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS

• 5.1 By Collateral Type
  • 5.1.1 Fiat-Backed Stablecoins
  • 5.1.2 Crypto-Collateralized Stablecoins
  • 5.1.3 Algorithmic Stablecoins
  • 5.1.4 Commodity-Backed Stablecoins
  • 5.1.5 Other Stablecoins
• 5.2 By Blockchain Platform
  • 5.2.1 Ethereum
  • 5.2.2 Tron
  • 5.2.3 Binance Smart Chain
  • 5.2.4 Solana
  • 5.2.5 Layer-2 Networks
  • 5.2.6 Other Blockchain Platforms
• 5.3 By Application
  • 5.3.1 Cryptocurrency Trading and Liquidity Management
  • 5.3.2 Cross-Border Payments and Remittances
  • 5.3.3 Decentralized Finance
  • 5.3.4 E-Commerce and Merchant Payments
  • 5.3.5 Treasury and Cash Management
  • 5.3.6 Other Applications
• 5.4 By End User
  • 5.4.1 Retail Consumers
  • 5.4.2 Crypto Exchanges and Trading Platforms
  • 5.4.3 Financial Institutions and Payment Service Providers
  • 5.4.4 Enterprises and Merchants
  • 5.4.5 Developers and Web3 Platforms
  • 5.4.6 Government and Public Sector Entities
• 5.5 By Distribution Channel
  • 5.5.1 Centralized Exchanges
  • 5.5.2 Decentralized Exchanges
  • 5.5.3 Wallet Providers
  • 5.5.4 Payment Gateways and Fintech Platforms
  • 5.5.5 OTC Desks and Institutional Brokers
• 5.6 By Geography
  • 5.6.1 North America
    • 5.6.1.1 United States
    • 5.6.1.2 Canada
    • 5.6.1.3 Mexico
  • 5.6.2 South America
    • 5.6.2.1 Brazil
    • 5.6.2.2 Argentina
    • 5.6.2.3 Rest of South America
  • 5.6.3 Europe
    • 5.6.3.1 United Kingdom
    • 5.6.3.2 Germany
    • 5.6.3.3 France
    • 5.6.3.4 Italy
    • 5.6.3.5 Spain
    • 5.6.3.6 Rest of Europe
  • 5.6.4 Asia-Pacific
    • 5.6.4.1 India
    • 5.6.4.2 China
    • 5.6.4.3 Japan
    • 5.6.4.4 Australia
    • 5.6.4.5 South Korea
    • 5.6.4.6 South East Asia (Singapore, Malaysia, Thailand, Indonesia, Vietnam, and Philippines)
    • 5.6.4.7 Rest of Asia-Pacific
  • 5.6.5 Middle East and Africa
    • 5.6.5.1 Saudi Arabia
    • 5.6.5.2 United Arab Emirates
    • 5.6.5.3 Turkey
    • 5.6.5.4 South Africa
    • 5.6.5.5 Egypt
    • 5.6.5.6 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Tether Limited
  • 6.4.2 Circle Internet Financial, Inc.
  • 6.4.3 PayPal Holdings, Inc.
  • 6.4.4 Paxos Trust Company, LLC
  • 6.4.5 MakerDAO
  • 6.4.6 Ethena Labs
  • 6.4.7 First Digital Trust
  • 6.4.8 Ripple Labs, Inc.
  • 6.4.9 Binance Holdings Limited
  • 6.4.10 Coinbase Global, Inc.
  • 6.4.11 Anchorage Digital Bank, N.A.
  • 6.4.12 BitGo, Inc.
  • 6.4.13 Fireblocks Ltd.
  • 6.4.14 Gemini Trust Company, LLC
  • 6.4.15 Societe Generale - FORGE
  • 6.4.16 Visa Inc.
  • 6.4.17 Mastercard Incorporated
  • 6.4.18 Stripe, Inc.
  • 6.4.19 Fiserv, Inc.
  • 6.4.20 Kraken

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment