Report: Stablecoins Accounted for 74.6% of Institutional OTC Trading Volume in the First Half of the Year, USDC Trading Volume Increased 29-Fold Year-on-Year

According to ChainCatcher, citing The Block, the latest report from Finery Markets shows that in the first half of 2025, stablecoins accounted for 74.6% of institutional over-the-counter trading volume, up from 46% in the same period last year and 23% in 2023. USDC stood out in particular, with trading volume surging 29-fold year-on-year under the impetus of the EU’s MiCA regulations. The report is based on an analysis of 4.1 million transactions on the platform from January to June.

Institutional trading is exhibiting three major trends: overall OTC spot trading volume increased by 112.6% year-on-year, stablecoin trading volume grew by 154%, and liquidity for crypto-to-stablecoin trading pairs soared by 277.4%, far outpacing the 48.5% growth rate of fiat trading pairs.

In addition to mainstream assets, altcoins such as Cardano and Solana together accounted for 16.7% of the market share. Analysts noted that this makes stablecoins the fastest-growing sector in the cryptocurrency market.