The Bank for International Settlements study analyzed 339 weeks of U.S. data from January 2019 through June 2025, during which reserve-backed stablecoin market capitalization grew from under $5 billion to over $220 billion.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.