The market cap of the top 10 stablecoin initially multiplied over time, reaching a combined value of over ****** billion USD in September 2025. Note this value does not include TerraUSD (UST), the algorithmic stablecoin tied to the LUNA crypto which declined severely in May 2022. Up to then, estimates reveal that the market cap had more than tripled within five months - likely following growing interest worldwide in cryptocurrencies, after sudden price spikes in a coin like Dogecoin (DOGE). Stability above all, or what does a stablecoin do? Stablecoins are cryptocurrencies - like the commonly known Bitcoin (BTC) and Ethereum (ETH) - but their value is determined differently. Whilst the price of Bitcoin mainly follows supply - how many coins are being mined or are available to purchase - and demand - how many investors want to buy the coin - stablecoins are synthetically connected to the price of an altogether different asset. Tether's USDT, for instance, is connected to the price development of the U.S. dollar (USD): if the U.S. dollar falls in the FX market, so does the USDT. Compare this to the "regular" price history of a cryptocurrency like Ripple (XRP) and stablecoins reveal themselves to be a relatively less volatile digital currency to either use or invest in than their counterparts in the free market. A test ground for digital payments This stability of these particular cryptocurrencies is important for two areas in digital payments that do not prefer volatility. For instance, these coins are a popular choice within the world of Decentralized Finance or DeFi - an online financial market without the supervision of central bank that relies on cryptocurrencies for payments and loans. Because of that reliance, it is a market that can rapidly change in size due to price fluctuations or changing transaction fees of certain cryptocurrencies - something that is less likely to occur when using stablecoins. Additionally, stablecoins are considered the inspiration for so-called CBDC or Central Bank Digital Currencies - such as China's e-CNY currency or the "digital euro" that is being researched in the EU-27. In terms of how advanced countries worldwide are into researching their own cryptocurrency, China ranked third in 2020, behind Cambodia, and The Bahamas.

As of August 2025, transactions with Bitcoin and Ethereum were offered by ** crypto-asset exchange service providers and financial instrument business operators in Japan, making them the most frequently offered coins. A total of *** different virtual coins were offered in Japan. Cryptocurrency exchanges in Japan Around ** cryptocurrency exchanges were registered with the Financial Services Agency (FSA), Japan’s financial market regulator. ************* handled the largest number of coins, followed by ******** and ************.Due to tight regulations regarding the launch of new cryptocurrencies, Japanese trading platforms often offer fewer coins than their international counterparts. To facilitate listings of the most common coins, such as Bitcoin and Ethereum, Japan’s self-regulatory body for the cryptocurrency industry, JVCEA, launched a green list of pre-approved tokens in 2022. Hacking incidents have spurred tightened regulations Japan is not only known for its early adoption of cryptocurrency, but also for being a forerunner in regulating the crypto industry. The first legal framework for the cryptocurrency industry was passed as early as 2016. Since then, the FSA has gradually tightened regulations. This is the result of two major hacking incidents at Mt. Gox and Coincheck in 2014 and 2018, in which crypto assets worth billions of yen were lost. Although the regulations are considered progressive, they are also believed to hinder the growth of the industry.