Swedish central bank report shows stablecoin market surpasses $270 billions, with 99% pegged to the US dollar

Jinse Finance reported that, according to the latest research report from the Swedish central bank, the global stablecoin market size has surged from $4 billion in January 2020 to $272 billion in October 2025, with 99% pegged to the US dollar. The report points out that stablecoins, as digital assets based on distributed ledger technology, are gradually expanding from cryptocurrency trading tools to practical application scenarios such as decentralized finance and cross-border payments. The European Union has implemented MiCA regulations to supervise stablecoins, requiring issuers to be fully asset-backed and to ensure instant redemption at face value; the United States, on the other hand, passed the GENIUS Act in July 2025, allowing a broader selection of supporting assets. The report warns that stablecoins may lead to increased dollarization, financial stability risks, and asset runs, while also acknowledging their potential to improve payment services. The central bank is considering whether to allow stablecoin issuers to use the central bank settlement system and reserves as supporting assets, in response to the growing influence of stablecoins in the financial system.