The current stablecoin landscape is thriving, with total stablecoin supply reaching $249 billion, primarily dominated by USDT and USDC, which account for about 88% of the market. B2B use cases lead stablecoin usage, particularly in cross-border payments, which reached nearly $3 billion in February 2025. Major chains facilitating stablecoin transfers include Ethereum, Base, and Tron, with Ethereum handling $1.2 trillion in volumes this May alone. The GENIUS Act, if passed, may favor traditional financial institutions by requiring stablecoins to be backed by US dollars or Treasury bills, potentially sidelining decentralized stablecoins. However, platforms like Aave and Pendle are positioned to benefit from increased stablecoin issuance, with Aave alone holding about $10.2 billion in total value locked (TVL). Pendle has emerged as a key player in the yield-bearing asset market, capturing a significant share of the $11 billion yield-bearing stablecoin market, demonstrating its potential for continued growth in this sector.

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