The global stablecoin market is expected to surge to trillions of dollars in the coming years, driven by growing regulatory support in major economies such as the United States, says crypto firm Ripple chief executive Brad Garlinghouse.
Speaking at the XRP Ledger Apex 2025 conference in Singapore, Garlinghouse highlighted the successful debut of Circle, the issuer behind the world’s second-largest stablecoin, USDC, on the New York Stock Exchange last week.
The company’s initial public offering valuation exceeded US$25 billion (HK$195 billion), beating market expectations and reflecting strong interest in cryptocurrencies from both institutional and retail investors, Garlinghouse said.
Garlinghouse said Circle's IPO performance underscores broader confidence that the future of financial infrastructure will be built on blockchain technology, adding that many players are likely to enter and benefit from this evolving space.
He attributes the positive sentiment in part to optimism around the potential passage of the “Guiding and Establishing National Innovation for US Stablecoins of 2025,” also known as the GENIUS Act of 2025.
The act mandates that stablecoin reserves be held entirely in US dollars or short-term Treasuries.
The US Senate is expected to vote on the legislation on Wednesday, with market watchers anticipating that the bill could be finalized by August.
Ripple launched its own US dollar-pegged stablecoin RLUSD in December 2024.
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