Stablecoin Market Surges 80%... AI Payments and RWA Synergy [Crypto Briefing]
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2025-11-17 13:17:03
Updated
2025-11-17 13:17:03
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U.S. Treasury Bond Holdings by Stablecoin Issuers [Financial News] The total issuance of U.S. dollar-pegged Stablecoins has exceeded $300 billion (KRW 437 trillion). This marks an increase of nearly 80% compared to the same period last year. With the Trump administration’s favorable regulatory environment and the potential for use as an AI payment method, many analysts expect the market to grow to $2 trillion by 2030. According to the '2026 Digital Asset Outlook' report published by NH Investment & Securities on the 17th, the total Stablecoin issuance at the end of last month reached $300 billion, up 78% year-on-year. As Stablecoin issuance rises, the short-term U.S. Treasury holdings of issuing companies are also increasing rapidly. USD Coin (USDC) and Tether (USDT), two global Stablecoin issuers, currently hold $21.7 billion and $112.4 billion in U.S. Treasuries, respectively. Including repurchase agreement (RP) holdings, the two companies’ total investment in U.S. short-term bonds approaches $200 billion. Hong Sung-wook, a researcher at NH Investment & Securities, stated, “The phase of large-scale Stablecoin issuance is likely to continue for the time being,” adding, “By the end of 2030, the market could reach around $2 trillion.” KB Securities also highlighted the U.S. government’s aggressive forecasts, noting that these figures reflect a strong commitment to fostering Stablecoins. Kim Ji-won, a researcher at KB Securities, explained, “The U.S. Department of the Treasury (Treasury Department) projects that the Stablecoin market will grow to about $2 trillion by 2028.” Kim added, “Citigroup Inc. has presented a bullish scenario, estimating the market could expand from $1.9 trillion to as much as $4 trillion by 2030.” A key factor driving the growth of the Stablecoin market is the implementation timing of the U.S. Stablecoin law, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Passed last July, this law will allow a broader range of companies to issue Stablecoins once it takes effect next year. The GENIUS Act establishes requirements for Stablecoin issuers, reserve assets, and supervisory frameworks. Researcher Kim explained, “The GENIUS Act allows not only banks but also licensed non-bank institutions to issue Stablecoins. All issued Stablecoins must be fully backed by U.S. dollar cash, Treasuries, or Federal Reserve deposits.” Kim further noted, “For issuances exceeding $10 billion, federal regulation applies, while issuances below that threshold may choose state-level regulation, creating a dual regulatory framework.” With legal and institutional foundations in place, there are growing expectations that Stablecoins will generate synergies across various financial infrastructure sectors. Major areas of application include Financial Technology (FinTech), Real-World Asset Tokenization (RWA), and AI Agent payments. Researcher Hong stated, “While interest in Stablecoins themselves has been high, next year will see synergies with adjacent sectors as Stablecoins become part of financial infrastructure. We expect Stablecoin-based Neobanks to gain prominence as alternatives to traditional financial institutions.” A notable example is the 'x402' payment standard developed by Coinbase, which enables AI Agents to make automatic Stablecoin payments for paid content without human intervention. As a result, large-scale fundraising is ongoing, particularly in the payments and RWA sectors involving Stablecoins. According to an analysis by Korbit Research Center on institutional investor trends, crypto fund assets under management reached a record high of $230.5 billion in the third and fourth quarters of this year. Choi Yoon-young, head of Korbit Research Center, observed, “Major transactions in payments, AI, and RWA sectors are driving capital inflows. The future growth of the market will depend on the expansion of Stablecoin payments and competition in custody services.” [email protected] Kim Mi-hee Reporter
