A new wave of millionaires is rising from culture, entertainment and Web3-native models like Stake.com. Crypto leadership shifts fast; most top names today weren't on the radar a decade ago. The crypto market is back in full force as of mid-2025. Total capitalization has surged to $3.8 trillion (up over 130% year-on-year), which has sparked a new surge of wealth across the industry.
China has been expanding use of digital currencies as it promotes wider use of its yuan, or renminbi, to reflect its status as the world's second-largest economy and challenge the overwhelming sway of the U.S. dollar in international trade and finance. However, restrictions on access to Chinese financial markets and limits on convertibility of the yuan, or "people's money," are big obstacles blocking its global use.
The $250 billion stablecoin market, dominated by Tether's ($158 billion) and Circle Internet 's ( ) ($62 billion), is a cornerstone of global digital finance. These U.S. dollar-backed tokens power everything from DeFi to cross-border payments. But China is wary of U.S. financial dominance, and is eyeing a yuan-backed stablecoin to challenge this duopoly. With Hong Kong as a potential launchpad and China's digital yuan gaining traction, is this a game-changer or just geopolitical posturing? More importantly, should Tether and Circle Internet worry?
Although they have comparatively few problems accessing overseas bank accounts-often in the Cayman Islands or Switzerland-in lieu of a US bank account, they are often unable to earn yield on deposits or transact seamlessly with US-based counterparties, and sometimes incur high account fees.
The GENIUS Act makes it law that permitted payment stablecoin issuers must hold reserves for every dollar of stablecoins offered, which can be any government-issued asset approved by regulators.
According to the 2025 State of Crypto Report, stablecoins are gaining rapid momentum: 81% of crypto-aware SMBs express interest in using stablecoins. Fortune 500 executive interest has tripled since 2024. The total stablecoin supply hit $227 billion in April 2025 - a 54% YoY increase.
"I think that we are falling prey to some confusion between money, means of payment, and payment infrastructure, and that is accelerated..."
Niknam believes US dollar stablecoins accessible through mobile phones will prove 'transformational for large groups of people' worldwide, particularly in countries suffering from currency instability.