Key Notes

Monthly active addresses reached 33.71 million by late October, with transfer volume hitting $4.65 trillion in the same period.

Tether, Circle, Stripe, and Alchemy Pay are building proprietary blockchains to control payment settlement networks.

Regional stablecoins backed by euros, yen, and other currencies are projected to capture 15-20% market share by 2030.

Alchemy Pay and Gate Research released a comprehensive report on Oct. 31 detailing the stablecoin market’s evolution into what researchers call an “infrastructure competition” phase.

The report documented market capitalization exceeding $280 billion as of August 2025, with the sector entering an “Age of Compliance” driven by new regulatory frameworks.

Competition has shifted from token dominance to control over paymen

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