July 2025 was a record month for stablecoins, consistently increasing their market capitalization against the activity of new projects and initiatives in digital currencies.
Market Leaders: Tron and Ethena
The stablecoin Tron has reached an all-time high of $81.9 billion, making up over half of the total USDT supply. A new player has emerged in the Tron ecosystem - A7A5, a ruble-pegged stablecoin with a capital of $467 million since its launch in June. Ethena Labs also saw significant growth: their stablecoin USDe surged by 43.5% to $7.6 billion. The company is actively developing partnerships and planning a $260 million ENA token buyback.
New Names in the Top 10
Falcon Finance’s USDf exhibited the highest growth of 121% in July, reaching $1.07 billion and breaking into the top ten stablecoins. Also notable were the declines of BlackRock’s BUIDL and FDUSD, which dropped by 15.9% and 8.54%, respectively.
CBDC Developments
The development of central bank digital currencies (CBDC) has been uneven. In the U.S., the CBDC Anti-Surveillance State Act was reintroduced. The Bank of England may pause its 'Britcoin' project, while the Bank of Canada outlined plans for a retail CBDC launch. In Europe, Christine Lagarde confirmed the digital euro pilot for October 2025.
July 2025 confirmed that stablecoins are continuing to gain popularity. From Tron’s dominance to Ethena’s growth, innovations in the sector remain significant, despite uncertainty surrounding CBDCs.
