From Tether to the Trump-Backed USD1: The 7 Quickest-Transferring Stablecoins of 2025 – Decrypt

This was a defining yr for stablecoins, with the signing of the GENIUS Act, a high-flying IPO for Circle, and a handful of tokens outpacing the remaining.

Because the begin of January, the general U.S. dollar-denominated stablecoin provide has elevated by greater than $100 billion, to $314 billion whole. However that doesn’t imply all boats have risen on the similar charge.

To measure stablecoin efficiency, Decrypt calculated velocity utilizing historic knowledge from crypto value aggregator CoinGecko from January via December 15. Velocity divides whole quantity by common provide, leading to a calculation of what number of occasions every coin has, on common, modified fingers.

As former Commodities and Futures Buying and selling Fee Chairman Timothy Massad defined to Decrypt, measuring velocity beats rankings that rely solely on whole provide.

“Stablecoins will be very helpful with out there being a big market cap,” he stated. “In different phrases, it is actually the speed, the transaction use, they usually can flow into in a short time even when the quantity excellent just isn’t that nice.”

Tether (USDT)

Tether tops the checklist with a velocity of 166 as a result of it’s lengthy been a workhorse for international crypto buying and selling. It may possibly’t declare the crown because the first-ever stablecoin—that belongs to BitUSD. However it launched the identical yr, in 2014, and have become the primary extensively used one.

Tether boasts a market capitalization of $186 billion after rising 35% for the reason that begin of the yr, in line with CoinGecko knowledge. The majority of Tether tokens get traded on Ethereum (46.3%) and Tron (41.4%), in line with DeFi Llama knowledge.

Tether started the yr by relocating to Bitcoin-friendly El Salvador, the place President Nayib Bukele declared BTC authorized tender in 2021. There have been a couple of bumps, although. In March, Binance stated it might delist USDT for European Union customers to remain compliant with MiCA laws, which require stablecoin issuers to be licensed.

However that’s not stopped the corporate from turning a hefty revenue. To date in 2025, Tether has seen $10 billion in revenue within the first three quarters of the yr, the corporate stated in October.

Ripple USD (RLUSD)

Ripple Labs’ stablecoin, RLUSD, swiped the second spot with a velocity of 71. Which means, on common, each RLUSD token has modified fingers 71 occasions for the reason that begin of the yr.

In most stablecoin lineups, Circle’s USDC would maintain this spot as a result of its $78 billion market capitalization trumps that of RLUSD’s $1.3 billion. However as Massad identified, stablecoin efficiency has extra to do with with the ability to transfer cash effectively than its whole provide.

Ripple was provisionally permitted for a nationwide banking constitution by the Workplace of the Comptroller of the Foreign money, or OCC, in December. “This can be a large step ahead—first for RLUSD— setting the best customary for stablecoin compliance with each federal (OCC) & state (NYDFS) oversight,” Ripple Labs CEO Brad Garlinghouse wrote on X.

Ripple Senior Vice President of Stablecoins Jack McDonald has usually identified that RLUSD was particularly designed for institutional use.

Initially of December, Ripple obtained the inexperienced mild from the Singapore Financial Authority, or MAS, to develop XRP and RLUSD funds in Singapore. And earlier this yr, RLUSD was built-in into Securitize’s tokenization platform. Which means it’s one of many belongings buyers can swap for tokenized cash market funds.

Circle (USDC)

USDC noticed its velocity attain 56 in 2025, whereas its market capitalization climbed 78% to $78.4 billion by December 15.

Maybe greater than any of its rivals, Circle benefitted massively from the passage of the GENIUS Act. Its working mannequin already resembled the federally regulated framework that’s now grow to be U.S. legislation. That’s given Circle a head begin on compliance and investor confidence—and buyers took word.

CRCL was so standard with buyers on its debut that the NYSE halted buying and selling 3 times. Since then, Circle has reported $740 million in Q3 income, marking a 66% year-over-year enhance. Circle has additionally rolled out the testnet for Arc, its layer-1 blockchain, which counts BlackRock, Visa, and Amazon Net Companies as early members.

Circle was additionally one among a number of  stablecoin issuers—together with Ripple, Paxos and BitGo—which obtained a provisional approval for its nationwide banking constitution and shall be trying to develop into broader monetary providers.

USD1 (USD1)

USD1 is an outlier as a result of it launched in April, and subsequently doesn’t have almost a full yr’s price of knowledge. However that didn’t cease it from touchdown proper subsequent to the rostrum with a velocity of 39.

Issued by World Liberty Monetary—the crypto-focused agency co-founded by Donald Trump Jr. and companions—USD1 was designed from the outset to be a extremely liquid transactional stablecoin. The token reached a $1 billion market cap in April, lower than a month after its launch, in line with knowledge from CoinGecko.

There have been some very bullish predictions about its development. Blockstreet’s Kyle Klemmer instructed Decrypt he believes USD1 would be the world’s dominant stablecoin, beating USDT and USDC, earlier than President Donald Trump’s second time period ends in 2029.

The undertaking has leaned closely on retail distribution and promotional partnerships, together with integrations with a number of U.S.-based crypto exchanges, like Coinbase and FalconX, and it’s making a bid to grow to be “Solana’s go-to stablecoin” by teaming up with meme coin platform Bonk and decentralized change Raydium.

PayPal USD (PYUSD)

PayPal USD’s velocity of 18 lands it in fifth place on this checklist.

Its 2023 debut made large waves as a result of it was the primary time a longtime funds platform made a bid at issuing a stablecoin—years earlier than there was a regulatory framework within the U.S..

For many of this yr, development for PYUSD moved at a modest tempo. Its market capitalization peaked above $1 billion in June after which established a foothold in September. Since then, it’s almost tripled to $3.8 billion as of December 15.

PayPal has teamed with LayerZero to develop the token’s presence to 9 new blockchains, together with Tron, Summary, Aptos, and Avalanche. However there’s additionally been some controversy.

In October, observers famous that PYUSD issuer Paxos minted after which instantly burned $300 trillion price of tokens. It’s an impossibly massive variety of tokens, given it represents greater than twice the world’s GDP.

“This was an inside technical error. There isn’t any safety breach,” the agency wrote on X. “Buyer funds are protected. We now have addressed the foundation trigger.”

USDe (USDe)

Ethena Labs’ USDe demonstrated a velocity of 11 in 2025, with its market capitalization displaying a modest achieve of 11% from $5.8 billion in January to $6.5 billion by December 15.

However that trajectory leaves out the truth that its market cap soared to just about $15 billion earlier than the early October flash crash.

USDe is the one stablecoin on this checklist that isn’t backed by fiat foreign money: It’s backed by a delta-neutral technique involving staked Ethereum and perpetual futures hedges. However its reliance on derivatives signifies that occasions of excessive volatility and shifts in sentiment may cause large swings in market capitalization.

Even with a much less simple construction, the token’s advocates embrace billionaire Arthur Hayes. However not all regulators are satisfied. Ethena Labs pulled out of the German market in April over rising scrutiny over its “critical deficiencies” in compliance.

USDS (USDS)

Sky’s USDS confirmed extraordinarily low velocity of 1 in 2025—and that’s by design. To keep away from confusion: Sky is a rebrand of DeFi OG MakerDAO and USDS is a rebrand of its DAI stablecoin.

In contrast to USDT or USDC, which operate as transactional stablecoins, most USDS tokens sit locked in Maker vaults or financial savings contracts as collateral for DeFi loans moderately than circulating. Its function in DeFi is nearer to a yield-bearing financial savings instrument than digital money, so it naturally turns over far much less usually.

For instance, the Sky Protocol at present presents a 4% rewards charge (paid in SKY tokens) to customers who maintain USDS. As of 2025, USDS has seen its market capitalization develop from $5.2 billion in the beginning of the yr to $9.8 billion, marking an 85% enhance in just below 12 months.