Stablecoins play an important role as a bridge between traditional finance (TradFi) and decentralized finance (DeFi). As of May 2025, the supply of stablecoins, which stands at 225 billion USD, has just passed 1% compared to the liquid dollar supply (M1) of the United States, which is worth 18.56 trillion USD. In addition, the liquid supply of the Euro (M1), the local currency of the European Union, stands at 10.69 trillion. If we convert this amount to USD, it corresponds to 12.12 trillion USD at the current cross rate. Of course, if we add other local currencies to this, we have to accept that stablecoins are still at a very low level in terms of supply.

To give an example from Turkey, Turkey's liquid supply of Turkish Lira (M1) is 7.4 trillion. When we convert this to dollars at the current exchange rate, it corresponds to 190 billion USD. In other words, the total supply of stablecoins has actually exceeded the entire liquid supply of the Turkish Lira in dollar terms.

In contrast, the volume generated by stablecoins has caught up or even surpassed the largest money transfer networks in the world. The unregulated volume generated by stablecoins between May 2024 and May 2025 is 33.4 trillion USD. The regulated volume data for the same time period is 7 trillion USD. Visa, one of the largest payment networks, generated volume 13.2 trillion USD worth of in 2024. Mastercard, another payment network giant, generated a volume of 9.8 trillion USD in 2024 when converted from local currencies to USD. As we can see, stablecoins have generated more volume than Visa and Mastercard combined for a year.

Above we mentioned both regulated and unregulated volume, and the difference between them is quite high. We use indicators created by Visa, the payment network, as the source of this data. Here's how Visa explains the difference between regulated and unregulated volume:

• There are more than 3 million addresses labeled by Allium Labs as non-bots. These addresses are counted in regulated volume.

• Transactions of centralized exchanges or decentralized exchanges, addresses of investment funds, addresses that generate less than 1000 transactions per month and less than 10 million in volume are included in regulated volume.

  • For example, when you withdraw money from Coinbase to Binance, this is considered regulated volume.

  • When you borrow stablecoins by pledging Bitcoin as collateral in decentralized finance protocols, such transactions are also included in regulated volume.

• Unlabeled addresses are subjected to heuristic analysis, and some are included in the unregulated volume:

  • For example, bots trading on the blockchain to get the maximum extractable value (MEV).

  • For example, transfers that centralized exchanges make between corporate wallets to regulate their assets.

  • For example, the volume of stablecoin transfers when multiple functions are running inside a smart contract.

It is important to consider the regulated volume in order to get more accurate data. If we comment on the regulated volume data, it can be said that stablecoins are very close to catching up with the annual global volumes generated by Visa or Mastercard. But while making this comparison, it is important to remember that Visa and Mastercard are only payment networks. Even if one of the uses of Stablecoins is payments, this is not the only use case. Stablecoins are also used to store value, just like other fiat currencies. It is therefore necessary to try to understand the volume of money transfers on a global scale by analyzing surveys conducted by the Foreign Exchange Committee, which studies the global foreign exchange market. According to the Foreign Exchange Committee's survey conducted in October 2024, spot transactions, futures, exchange rate trades and over-the-counter (OTC) transactions.

All told, the average daily trading volume is around 1.2 trillion USD. We can explain the size of this amount as follows: The unregulated annual volume created by stablecoins is realized in just 1 month when we calculate all money transfers in the world. So, according to this data, it can be concluded that the area where stablecoins will grow is quite large.

The growth of stablecoins attracts the attention of not only the audience familiar with cryptocurrencies but also the giants in the field of finance. Both financial giants and small startups want to get a share from this growing cake. In the rest of the report, we will examine the stablecoin projects, which have recently increased in number. This review will proceed in categories. Although the architectures of stablecoin projects are quite different, we think we can categorize them according to their collateralization and collateralization mechanisms. Apart from this categorization, we will examine Tether, Circle and MakerDAO projects, which have a large part of the cake, which we call "Legacy". Thus, the main focus of our report will be on various projects that are still growing and offering various innovations.

The order the report will follow is as follows:

• Category (e.g. Cryptocurrency Backed Stablecoins)

  • Project (e.g. Curve Finance / crvUSD)

    • Basic analysis of the project, collateralization method, team, background

    • Analyzing the project's data such as supply, transfer volume, number of active addresses, blockchain distribution, a rate of return, if any, and comparing it with the holistic market

    • Latest developments, news or partnerships announced about the project