In 2025, stablecoins saw major milestones, including the GENIUS Act’s passage, Circle’s high-profile IPO, and a significant increase in total U.S. dollar-pegged stablecoin supply by over $100 billion to $314 billion. However, growth and usage varied among tokens. Velocity, measuring transaction frequency, highlights differences in utility: Tether (USDT) led with a velocity of 166 and a $186 billion market cap, aided by dominance in global crypto trading and profitability, despite regulatory hurdles. Ripple’s RLUSD ranked second in velocity (71), benefiting from institutional focus, regulatory approvals, and expansion into Singapore. Circle’s USDC followed with a velocity of 56 and a $78.4 billion market cap, boosted by regulatory compliance and investor confidence post-GENIUS Act. USD1, launched by World Liberty Financial, achieved a velocity of 39 and rapid retail adoption, aiming for Solana integration. PayPal USD (PYUSD) recorded a velocity of 18 and a $3.8 billion cap, expanding blockchain reach despite a high-profile minting error. Ethena’s USDe, unique for its crypto-collateralization, had a velocity of 11 but volatility from its structure. Sky’s USDS (formerly DAI) prioritized collateralization over transactions, resulting in a velocity of 1, mainly serving as DeFi collateral rather than a circulating currency.