Stablecoins become key in 2025: regulatory enforcement accelerates, on-chain transactions account for over 50%

【Crypto News】Entering 2026, the development trajectory of the crypto industry is becoming increasingly clear. Looking back at 2025, this year has surpassed the mere speculative phase, replaced by comprehensive implementation of regulatory frameworks, infrastructure development, and practical applications.

Stablecoins have become the core driving force of industry transformation. Matthias Bauer-Langgartner, Head of European Policy at blockchain data analysis firm Chainalysis, pointed out that although Bitcoin still accounts for about half of the market capitalization in the crypto space, stablecoins have long been the undisputed main players in on-chain transactions—over 50% of global on-chain transaction volume is contributed by stablecoins. From payments to remittances and transaction settlements, stablecoins have deeply integrated into the entire financial system, officially becoming a key focus of regulation and compliance. His straightforward and powerful conclusion: 2025 is undoubtedly the year of stablecoins.

The rise of stablecoins is no coincidence. Their liquidity and stable prices have led to widespread adoption in legitimate applications, but these advantages are also exploited by illicit funds. However, the centralized issuance mechanism grants stablecoin issuers the ability to freeze and destroy assets, which precisely becomes a powerful tool for regulators to combat financial crimes.

On the data front, Chainalysis’ statistics reveal a noteworthy phenomenon: in 2025, illegal crypto fund flows reached $154 billion, a 162% increase year-over-year, with a significant rise in state actors and sanctions evasion activities. Despite this, these illegal activities account for less than 1% of total crypto transaction volume, indicating ongoing improvements in market compliance.

Looking ahead, as regulatory frameworks like MiCA enter the implementation phase, stablecoins are becoming a critical link connecting the crypto market, geopolitical issues, and global financial regulation, likely continuing to shape the main industry narrative in 2026.