Coindesk July 2025 Report: Stablecoins and CBDCs

According to Coindesk’s latest report, stablecoins have now enjoyed 22 straight months of growth, hitting a record $261 billion in total market capitalization. 

Although stablecoins saw a decline in their market share, they continue to be the central cryptocurrency in digital asset trading.

Tron and Ethena Take the Lead

Tron had a successful month. The stablecoin market cap of Tron has reached an all-time high of 81.9 billion dollars for the first time since August 2024, representing more than half of the total supply of USDT. Tron’s ecosystem is also welcoming new performers like A7A5, a ruble-pegged stablecoin that’s already worth $467 million since launching in June.

Meanwhile, Ethena Labs’ USDe stablecoin soared 43.5% to $7.6 billion. Ethena isn’t just riding the hype; it’s building. The company is running a $260 million ENA token buyback, boosting institutional partnerships, and backing StablecoinX, which plans to go public.

New Faces in the Top 10

Another standout was Falcon Finance’s USDf, which exploded 121% in July to $1.07 billion, breaking into the top ten stablecoins. USDf makes excellent returns on on-chain assets, and the Falcon roadmap will introduce gold redemption and real-world asset-backed loans. BlackRock’s BUIDL and FDUSD saw sharp drops of 15.9% and 8.54%, respectively.

Other Key Movers

• USDT rose 3.61% to $164B but saw a slight decline in market share from 62.5% to 61.8%.
• USDC climbed 3.78% to $63.6B.
• Non-USD stablecoins passed $1B in total market cap, though they still make up less than 1% of the market.
• MakerDAO’s Sky Dollar (USDS) also gained prominence, surpassing DAI with a $4.87B market cap, due to its significantly higher yields (4.5–7% APY) compared to DAI’s 2%.

CBDCs

On the central bank digital currency front, developments were uneven. In the U.S., Representative Tom Emmer reintroduced the CBDC Anti-Surveillance State Act. The Bank of England may pause its “Britcoin” project, while the Bank of Canada mapped out a retail CBDC launch. Over in Europe, Christine Lagarde confirmed the digital euro pilot for October 2025.

Conclusion

July proved that stablecoins aren’t slowing down anytime soon. From Tron’s dominance to Ethena’s surge, innovation is keeping the sector exciting. With CBDCs inching forward (and sometimes backward), stablecoins remain the most intriguing aspect of digital finance.

Disclaimer

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