Miran explained that the growth of stablecoins might influence the Fed’s neutral interest rate. A decrease in the neutral rate could prompt the central bank to lower its policy rates in response. According to CoinGecko, the current total market capitalization of all stablecoins is $310.7 million. Miran added that Fed research indicates this figure could grow to $3 trillion within the next five years.

Impact of Stablecoin Demand on the Economy

According to Miran, stablecoins may increase demand for U.S. Treasury bonds and other liquid dollar assets from investors outside the United States. “I expect stablecoin demand to continue rising, which could have a trillion-dollar effect on monetary policy,” he said.

International organizations, including the International Monetary Fund (IMF), have warned that stablecoins could pose risks to traditional financial instruments and services. U.S. banking groups have also expressed concerns, stating that stablecoins may attract potential banking customers and urging Congress to strengthen regulations.

GENIUS Act and Regulatory Framework

Miran highlighted that the GENIUS Act provides clear guidelines for stablecoin regulation and ensures consumer protection. The law requires stablecoin issuers to hold reserves backed by safe and liquid U.S. dollars at a one-to-one ratio.

“Although I usually approach new regulations with caution, the GENIUS Act gives me significant confidence. This framework provides legitimacy and accountability compatible with traditional dollar holdings,” he said.

Importance of Stablecoins for Investors and the Market

Stablecoins provide liquidity and security for investors while indirectly affecting interest rate policies. Miran emphasized that the growth of stablecoins may increase global investor demand for dollar assets, creating important economic implications.

Bullet List: Stablecoin Effects on the Fed and Market

• Can lower the neutral interest rate, influencing Fed policy rates

• Increases demand for U.S. Treasury bonds and dollar assets

• May create competition for traditional banking and financial services

• Provides legitimacy and accountability through regulatory compliance

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What is AUSD Stablecoin?

AUSD can be used for decentralized transfers, DeFi applications, payments, NFTs, and digital voting solutions. Gas optimization ensures low transaction fees, while providing secure infrastructure for institutional partners.

AUSD’s Instant Liquidity feature allows users to atomically mint the token against USDC and USDT. Cross-Chain Bridging enables transfers across different blockchains, and White-Labeled Stablecoin infrastructure allows partners to launch their own stablecoins within a day.

AUSD is 100% backed by the Agora Reserve Fund, consisting of cash, overnight repurchase/reverse repurchase agreements, and short-term U.S. Treasury securities, ensuring security and constant accessibility.

What is $AUSD?

$AUSD is the official token symbol on the Agora platform. It is a 1:1 USD-backed stablecoin serving as a secure payment and transfer medium for both institutional and individual users. It integrates with Ethereum, Solana, 50+ public blockchains, and traditional finance rails (Correspondent Banking and SWIFT). Users can atomically mint AUSD against USDC and USDT, enabling interoperability across stablecoins.

Team and Founders

The Agora project is managed by a team with extensive experience in blockchain, finance, and technology:

• Nick van Eck – CEO, finance and crypto leader

• Drake Evans – Blockchain and DeFi solutions expert

• Joe McGrady – Token economics and financial infrastructure specialist

• Tony Zhao (potential) – Development and strategy advisor

Investors and Notable Partners

Agora raised $12M in seed funding (2024) and $50M in Series A (2025), totaling $62M, led by Paradigm (Charlie Noyes). Other investors include Dragonfly (early-stage supporter) and VanEck (strategic partner for reserve management).

Notable Partnerships:

• Blockchains: Avalanche, Solana, Polygon, Injective, Mantle, Sui, Monad (native AUSD integration)

• Financial Institutions: VanEck (reserve management), State Street (custody), Galaxy (OTC trading)

• DeFi & Payment Providers: Alchemy Pay (173+ countries fiat on-ramp), Mercado Bitcoin (Brazil), BENQI (Avalanche lending), Upshift (earnAUSD yield product)

• Others: Wormhole (cross-chain bridging), AggLayer (native stablecoin), CB Insights (2025 Top 100 Fintech Startup)

Project Concept

• Core Idea: Create a reliable digital dollar (AUSD) backed 1:1 with USD, minimizing barriers to access, transfer, and usage.

• Scope: Extends beyond financial services to secure digital voting (VOTE token) and low-latency streaming capabilities.

How the Project Works

Agora mints AUSD 1:1 with USD, with reserves managed by VanEck and State Street (cash, repo agreements, short-term US Treasuries). Users can acquire AUSD with fiat, perform cross-chain transfers via Wormhole, and mint AUSD atomically against USDC/USDT.

Partners can launch their own stablecoins on AUSD infrastructure via White-Label Stablecoin services. Gas-optimized transactions are fast and low-cost (e.g., seconds on Injective network).

Ecosystem Products

• Instant Liquidity: Atomic minting against USDC/USDT

• Cross-Chain Bridging: Compatibility across 12+ blockchains (Ethereum, Avalanche, Solana, etc.)

• earnAUSD: Yield-bearing version via Upshift, enabling DeFi basis trade opportunities

AUSD is ERC-20 based with advanced ERC standards and available on 12+ chains: Ethereum, Solana, Polygon, Avalanche, Arbitrum, Optimism, Plume, Immutable, FSL, Pacifica, and enterprise/cat2 solutions.

• Security via RBAC (Role-Based Access Control)

• Token Transfer: By users and delegates

• Minting/Burning Mechanisms: Supply and inflation control

• Asset Freezing: For financial crime or misuse

• Gasless Transfers: ERC-3009 for user-friendly transactions

Governance

• Admin: Contract upgrade, role assignment, and revocation

• Pauser: Pause/resume contracts

• Freezer: Freeze tokens

• Minter: Token minting

• Burner: Token burning

Token Use Cases

• Digital payments

• Lending/borrowing on DeFi platforms

• NFT and digital asset transfers

• Institutional and retail financial transactions

Token Information

• Name: Agora Dollar (AUSD)

• Standard: ERC-20 (supports ERC-712, ERC-1271, ERC-2612, ERC-3009)

• Stablecoin: 1:1 USD

• Features: Gas optimization, RBAC, freezing, minting/burning

• Total Supply: 128.9M AUSD

• Circulating Supply: 128.9M AUSD

• Max Supply: ∞

Ecosystem and Features

AUSD ecosystem provides secure, continuous access to digital finance. Instant Liquidity allows fast atomic swaps with USDC/USDT. Cross-Chain Bridging enables multi-chain transfers. White-Labeled Stablecoin infrastructure allows partners to quickly launch their stablecoins. Supported by ERC and Solana standards, the ecosystem is designed for both retail and institutional users, offering low-cost, secure digital financial services.

Official Links

• Website
• Twitter

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In this guide, you’ll learn what stablecoins are, how they work, the main types available, and why they are essential for both trading and everyday crypto use.

Basic Definition of a Stablecoin

A stablecoin is a cryptocurrency designed to keep a stable value, usually pegged to fiat currencies like the U.S. dollar or euro, or to commodities such as gold. This makes them a safe and reliable alternative for both investors and businesses.

The first stablecoin appeared in 2014 and quickly gained traction. Stablecoins offer security during volatile market conditions while taking advantage of blockchain speed and transparency. Initially, they were used mainly for trading on exchanges that lacked fiat pairs, but today they are widely used in DeFi platforms, payment systems, and other financial applications.

As of July 2025, the total stablecoin market capitalization exceeds $261 billion, dominated by Tether (USDT) and USD Coin (USDC).

Main Types of Stablecoin

Stablecoins can be grouped based on the mechanisms they use to maintain price stability. Each model comes with different benefits and risks.

1. Fiat-Backed Stablecoin

These are the most common type of stablecoins. Each token is backed by traditional currency reserves like U.S. dollars or euros. For example, one USDT is always equal to one U.S. dollar.

• Fully backed by fiat reserves held in banks.

• Regular audits confirm the collateralization.

• Can be purchased or redeemed directly for fiat.

• Examples include USDT, USDC, and BUSD.

2. Crypto-Backed Stablecoin

These stablecoins are backed by other cryptocurrencies as collateral. Because crypto assets are volatile, they are usually over-collateralized.

• $1,000 worth of ETH might back $500 worth of stablecoins.

• Smart contracts automatically adjust supply and collateral levels.

• Decentralized protocols manage the reserves instead of companies.

• Examples include DAI and sUSD.

3. Algorithmic Stablecoin

Algorithmic models maintain stability without holding any reserves. Instead, they use automated supply and demand adjustments to keep the price close to the target value.

• When price rises above $1, new tokens are minted.

• When price falls below $1, tokens are burned or supply is reduced.

• These systems do not rely on collateral but are riskier.

• Examples include Ampleforth (AMPL) and the now-defunct TerraUSD (UST).

4. Commodity-Backed Stablecoin

These are backed by physical assets like gold, silver, or oil. They allow investors to gain exposure to commodities via blockchain.

• Each token represents ownership of a specific quantity of a commodity.

• Provide a digital way to invest in physical assets without storage costs.

• Examples include PAX Gold (PAXG) and Tether Gold (XAUT).

5. Hybrid and Seigniorage Models

Hybrid stablecoins combine collateralized and algorithmic mechanisms. Some use seigniorage-style systems that adjust supply algorithmically to maintain stability.

• They may hold partial reserves or none at all.

• Highly experimental and carry greater systemic risk.

What Is USDT (Tether)?

USDT (Tether) is the most widely used fiat-backed stablecoin. Each token equals roughly one U.S. dollar and is backed by Tether Limited’s reserves. USDT acts as a safe haven during crypto market volatility and enables seamless trading between digital assets.

Users can transfer Tether through blockchain networks and store it in ERC-20 compatible wallets safely and easily.

How Stablecoins Work

Stablecoins maintain a stable price using several mechanisms:

• Reserve Mechanisms: Fiat-backed tokens are supported by cash or equivalent assets.

• Smart Contracts: Algorithmic and crypto-backed types use code to control supply and maintain equilibrium.

• Price Adjustment Systems: Token supply increases or decreases to stabilize price movements.

Key Use Cases

• Everyday Payments: Used for purchasing goods and services without price volatility.

• DeFi Applications: Serve as collateral in lending, staking, and liquidity pools.

• Cross-Border Transactions: Enable cheaper and faster global money transfers.

• Investment and Savings: Provide a stable store of value during market downturns.

Advantages of Stablecoins

• Low Volatility: Protect investors from market swings.

• Fast and Low-Cost Transactions: Ideal for peer-to-peer and cross-border payments.

• DeFi Integration: Used across lending, yield farming, and liquidity protocols.

• Access to Commodities and Fiat: Simple exposure to gold or USD without intermediaries.

• High Liquidity: Most trading pairs use stablecoins like BTC/USDT or ETH/USDC.

Disadvantages and Risks

• Counterparty Risk: Issuers may lack full reserves or fail to honor redemption.

• Centralization: Fiat-backed stablecoins depend on trust in a single company.

• Algorithmic Instability: May lose their peg in extreme market conditions.

• Regulatory Risk: Subject to freezes, sanctions, or government intervention.

• De-Pegging: Occurs when the stablecoin’s value deviates from its target asset.

Most Popular Stablecoins

The leading stablecoins in 2025 include:

• Tether (USDT) – the largest by trading volume.

• USD Coin (USDC) – known for transparency and regulatory compliance.

• Dai (DAI) – decentralized and backed by Ethereum collateral.

• PAX Gold (PAXG) – pegged to physical gold.

2025 Outlook and Future Trends

As of 2025, the global stablecoin market surpasses $261 billion, showing continued growth and institutional adoption.

• CBDCs (Central Bank Digital Currencies): Expected to coexist and integrate with stablecoins for efficient cross-border settlements.

• Corporate Adoption: Companies are increasingly using stablecoins for payments and reserves.

• Regulatory Focus: Authorities are developing frameworks for transparency, auditing, and investor protection.

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According to data from Artemis, stablecoin settlement volumes rose sharply from $6 billion in February to more than $10 billion by August 2025. The shift underscores how stablecoins are moving beyond crypto exchanges, reshaping how companies handle real-world liquidity.

B2B Transactions Drive Stablecoin Growth

Corporate use of stablecoins has exploded, with B2B transfers now representing around 66% of total payments. Artemis reports that monthly B2B volume has more than doubled — up 113% since February — reaching $6.4 billion. This pushed the cumulative value of stablecoin payments since 2023 above $136 billion, confirming that on-chain money is no longer a niche medium.

Consumer channels are also expanding. Crypto card payments increased by 36%, while business-to-consumer (B2C) transfers rose 32%, and pre-funded liquidity — a popular tool for instant settlements — jumped 61%.

David Alexander, partner at venture firm Anagram, said the data shows how on-chain liquidity is now translating into real-world spending power. He noted that crypto cards process over $1.5 billion in transactions each month, marking a 50% rise since the start of the year.

“These systems allow users to earn yield through DeFi protocols and spend instantly,” Alexander explained. “It’s a seamless bridge — turning blockchain liquidity into usable cash, blending DeFi yields with the familiarity of traditional payment networks.”

Tether Strengthens Lead as Tron’s Market Share Shrinks

Tether (USDT) remains the undisputed leader, accounting for 69% of all stablecoin transactions. However, Tron — once the dominant network for Tether transfers — has started to lose momentum, dropping from 71% to 65% market share since Q1. Competing blockchains like Base, Solana, and Ethereum’s Layer-2 solutions are rapidly gaining traction, fueled by institutional-grade integrations and lower fees.

Meanwhile, Circle’s USDC has seen renewed adoption following its expansion across multiple blockchains and regulatory clarity in the U.S. The company recently reported a 45% increase in institutional settlement volume, largely driven by fintech platforms and payment processors.

Stablecoins Become Core Payment Infrastructure

The surge in B2B adoption signals a structural shift in the global payments landscape. As on-chain settlements become faster, cheaper, and more compliant, stablecoins are evolving from speculative crypto assets into programmable money for businesses, payrolls, and cross-border operations.

Analysts predict the next growth phase will come from tokenized treasury products and stablecoin-based remittance systems. In this new model, the blockchain acts not just as a financial network but as a universal settlement layer connecting banks, fintechs, and enterprises worldwide.

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Record USDC Exchange Inflows 

Centralized exchanges saw USDC deposits hit $1.33 billion in mid-September 2025, the highest level since 2021. Earlier in August, inflows of $1.2 billion and $1 billion were recorded. This trend indicates that investors are returning to the market and injecting significant capital. 

Large stablecoin inflows also signal increased on-chain liquidity. Transfers of USDC to exchanges often reflect users preparing for trading or reallocating capital. As a result, market activity may see an upward movement in the near term. 

Global Stablecoin Supply Hits New High 

The global stablecoin supply surged to a record $280 billion, up from a low of $125 billion in mid-2023. Doubling the supply in two years reflects rising demand for dollar-pegged digital assets. 

This growth also points to broader adoption in trading, payments, and decentralized finance (DeFi). Increasing supply reflects capital inflows from both institutional and retail investors. Consequently, market participants are better positioned to respond to price movements and investment opportunities. 

USDC Market Value and Usage Continue Growing 

USDC’s market capitalization steadily increased to around $63 billion, showing stable growth. This reflects improving market sentiment and growing confidence in the stablecoin infrastructure. 

While USDT remains the largest stablecoin, USDC usage on exchanges is rising. This strengthens USDC’s role in the ecosystem. Increasing inflows and a growing supply base indicate that USDC continues to attract significant institutional capital. 

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USDT Supply Grows by $20 Billion in 2025

The second quarter of 2025 marked a significant milestone in Tether’s global expansion. During this period, the company issued over $13.4 billion worth of new USDT. This brought the total circulating supply to more than $157 billion—representing a $20 billion year-to-date increase. This impressive growth reflects not only the rapid adoption of USDT, but also a deepening global trust in Tether’s stability and operations.

$127 Billion in Treasuries: Tether Among Top U.S. Debt Holders

Tether’s exposure to U.S. Treasury securities has now reached a total of $127 billion, including $105.5 billion in direct holdings and another $21.3 billion held indirectly. This figure marks an approximate $8 billion increase from the previous quarter. With this level of investment, Tether is now positioned as one of the largest institutional holders of U.S. government debt in the world.

Viewed in conjunction with the U.S. government’s GENIUS Act—designed to support the infrastructure of a digital dollar—Tether’s reserve structure stands out as a strong example of how private innovation can align with public monetary policy. This approach allows for secure, onchain access to U.S. dollar liquidity at scale.

Key Financial Metrics Of Tether (As of June 30, 2025)

• Total assets: $162,574,933,798

• Total liabilities: $157,108,009,474 (of which nearly all relate to issued USD₮ tokens)

• Assets exceed liabilities, indicating strong financial health

• Investments in artificial intelligence, renewable energy, and communications infrastructure are not included in token reserves

A Statement from the CEO

Tether CEO Paolo Ardoino shared his thoughts on the Q2 results:

“The second quarter of 2025 confirms what markets have been telling us all year long: confidence in Tether is growing rapidly. With over $127 billion in U.S. Treasury exposure, solid bitcoin and gold reserves, and more than $20 billion in newly issued USD₮, we are not merely responding to demand — we are helping shape it.”

“As regulators define legal frameworks for a digital dollar, Tether already stands as a working model of what is possible: transparency, resilience, and global scalability. USD₮ is delivering the stability of the U.S. dollar to billions — and that mission is now more relevant than ever.”

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The ENA Buyback Program

As StablecoinX Inc. prepares to list its Class A shares on the Nasdaq Global Market under the ticker “USDE”, the firm has allocated $260 million in cash reserves to purchase locked ENA tokens directly from the Ethena Foundation. Excluding certain operational costs, these funds will be used exclusively to repurchase ENA tokens from public exchanges via third-party market makers.

The buyback is set to occur over a six-week period, with an average daily purchase of $5 million. Based on current prices, this represents nearly 8% of the circulating supply — a substantial move that’s catching the attention of investors and analysts alike.

Adding to the bullish sentiment, the Ethena Foundation retains veto power over any future sale of ENA tokens by StablecoinX, ensuring long-term holding and value preservation. The treasury strategy is part of a broader multi-year plan to capitalize on the rising demand for digital dollars and stablecoins, ultimately aiming to increase ENA per share value over time.

ENA Price Action and Market Outlook

Following the announcement, ENA surged to $0.53, posting an impressive 7.43% daily gain. The sharp uptick in price highlights renewed investor confidence and could signal the beginning of a sustained upward trend.

This structured and prolonged accumulation by market makers is expected to provide strong technical support for ENA. In the short to medium term, this could stimulate further bullish momentum, particularly if trading volume and long positions continue to rise.

Market participants should closely monitor the impact of this buyback on ENA’s volatility and liquidity in the coming weeks. The move also sets a precedent for how tokenized equity strategies might influence price action in the evolving altcoin space.

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Trump: “NO DELAYS, NO ADD ONS”

After the Senate passed the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act with a 68–30 vote, Trump posted on Truth Social urging quick House approval.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

With a narrow Republican majority in the House, the final vote is pending — but all eyes are on how swiftly it can reach Trump for final approval.

What Does The Bill Include?

The GENIUS Act aims to establish a clear regulatory framework for stablecoins, including:

• Mandatory 1:1 reserve backing
• State or federal-level licensing
• Anti-Money Laundering compliance
• Strict consumer protections
• Limits on how reserves can be used (e.g., only for redemptions or low-risk Treasury investments)

These measures are designed to eliminate shadow banking risks and enhance systemic trust in dollar-backed stablecoins.

Controversy Still Looms

Although now progressing, the bill had previously failed a cloture vote in May due to Democratic concerns. Critics like Senator Elizabeth Warren accused Trump and his family of positioning to earn “hundreds of millions” from a proposed USD1 stablecoin if the law passes. Others warned against falling behind globally in crypto adoption and innovation.

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JPMorgan Deploys JPMD on Base Network

In a strategic development, JPMorgan has launched a pilot for its new deposit token, JPMD, on Coinbase’s Layer 2 blockchain, Base. The token represents U.S. dollar deposits held in bank accounts, making it a digital representation of real-world funds within the traditional banking infrastructure.

You Might Be Interested In: Kraken-Backed Ethereum Layer 2 Launches INK Token to Rival Base

According to Naveen Mallela from JPMorgan’s blockchain division, a fixed amount of JPMD will be transferred to Coinbase in the coming days, with the transaction settled in USD. After regulatory clearance, other fiat currencies may be supported. Once the pilot concludes, Coinbase’s institutional clients will be able to use JPMD for transactions.

Why Deposit Tokens Could Outshine Stablecoins

Unlike stablecoins, which are backed by reserves but operate outside the banking system, deposit tokens are fully integrated with traditional finance. Mallela argues that deposit tokens like JPMD are more scalable and may even offer interest payments in the future—something most stablecoins lack.

This positions JPMD as a potentially superior instrument for institutional investors. Meanwhile, industry experts warn that the rise of yield-generating stablecoins could disrupt traditional banks—a trend that’s already making major financial players uneasy.

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What Does the GENIUS Act Bring? 

Especially digital coins pegged to the U.S. dollar, like USDC and USDT, will be subjected to stricter oversight. The bill aims to protect users and create transparency in the financial system. 

The bill received strong support in its first Senate passage with 66 “yes” votes. This backing shows a rare bipartisan consensus between Democrats and Republicans on crypto issues. However, some senators still have serious concerns. 

One of the leading critics, Democratic Senator Elizabeth Warren, argued that the bill grants wide latitude to tech billionaires, saying: 

“If Congress does not amend this law, billionaires like Elon Musk and Jeff Bezos could create stablecoins that track your purchases, use your data, and push competitors out of the market. Also, if stablecoins fail, they will seek bailouts from the government.” 

Warren’s statement highlights not only economic but also justice concerns. 

Hagerty: “America’s Digital Leadership at Risk” 

On the other hand, Republican Senator Bill Hagerty, a bill sponsor, emphasized that the GENIUS Act is critical for America’s global leadership. In his Senate speech, he said: 

“The long absence of a legal framework has pushed digital asset innovation beyond our borders to foreign countries. If we want to modernize our payment system and restore our nation’s competitiveness, we must act now.” 

Hagerty also stressed the bill’s strategic goals: 

“This law will strengthen the global dominance of the U.S. dollar, protect users, increase demand for U.S. Treasuries, and ensure innovation in digital assets remains under American control, not foreign rivals.” 

These statements show that the bill is designed not only as a technical regulation but also as an economic power tool. If enacted, stablecoin issuers will be required to report regularly. They must fully back their reserves and submit to federal oversight. The bill will also limit large tech firms’ unlimited entry into this market. 

The GENIUS Act could be a major milestone not only for the U.S. but also for the global crypto ecosystem. Experts believe the law will strengthen the U.S.’s leadership claim in crypto and boost investor confidence. 

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