Finery Markets, a firm specializing in trading technology, has released a new report indicating a significant rise in the dominance of stablecoins in Over-the-Counter (OTC) crypto trades. The report reveals that stablecoins accounted for a staggering 74.6% of all institutional spot deals in the first half of 2025, a dramatic increase from 46% the previous year and a mere 23% in 2023.
The analysis, which covered 4.1 million trades on Finery’s non-custodial trading platform between January and June 2025, also showed that OTC spot volume had risen by 112.6% year-over-year, with the number of trades climbing by 57.6%. Furthermore, stablecoin transactions saw a growth of 154%, and crypto-to-stablecoin flows skyrocketed by 277.4%—significantly outpacing the 48.5% growth in crypto-to-fiat transactions. This trend has made stablecoins the fastest-growing segment within the crypto market.
According to the report, Circle’s USDC was the standout performer, with a 29-fold increase in turnover, spurred by the new regulatory environment in Europe under the MiCA regime. Altcoins, including Cardano, Litecoin, Solana, Tron, and XRP, collectively captured 16.7% of OTC volume, although Bitcoin, Ethereum, and stablecoins remained the main focus of institutional rotation.
The report also highlighted a series of M&A deals and product launches in response to the growing preference for fiat-pegged cryptocurrencies among institutional settlements. However, the CEO and co-founder of Finery, Konstantin Shulga, warned of the escalating systemic risk associated with the growing adoption of stablecoins and the increase in issuers. He emphasized the need for secondary-market liquidity to keep pace with issuance to mitigate potential future depeg events.
Disclaimer: This article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.
