The Swedish central bank: The global stablecoin market has reached $272 billion, of which 99% is pegged to the US dollar.

According to a recent research report by the Swedish central bank, as reported by Odaily Planet Daily, the global stablecoin market has grown from $4 billion at the beginning of 2020 to $272 billion in October 2025, with approximately 99% pegged to the US dollar. The report points out that stablecoins are expanding from crypto trading tools to broader applications such as decentralized finance and cross-border payments.

On the regulatory front, the EU has passed the MiCA regulation, requiring stablecoin issuers to be fully asset-backed and redeemable immediately at par value; the US, meanwhile, passed the GENIUS Act in July 2025, allowing for more flexible asset-backed structures. The Swedish central bank, in its report, cautioned that stablecoins may pose challenges such as increased dollarization, financial stability risks, and bank runs, but also have the potential to improve payment efficiency. The central bank is studying whether to allow issuers access to the central bank's settlement system and use central bank reserves to address the growing influence of stablecoins in the financial system.