In the “State of Crypto 2025” report, Andreessen Horowitz analysts noted that the total market capitalization of stablecoins has exceeded $316 billion and now accounts for more than 1% of the total supply of US dollars.
Issuers of stablecoins hold over $150 billion in their reserves. in U.S. Treasury bonds, making them the 17th largest holder of government debt, ahead of many countries.
Stablecoins pegged to fiat currencies such as the US dollar have outgrown their role as a speculative trading tool and have become a global macroeconomic force, Andreessen Horowitz experts emphasized.
