The share of stablecoins within the overall crypto market was below that of Ethereum (ETH) and Bitcoin (BTC). This would mark a significant rise of the digital asset, as earlier calculations from December 2021 indicated a stablecoin market share of ***** percent. What may play a part in these figures is that "regular" cryptocurrencies such as Ethereum saw a significant decline in price between May and June 2022 - leading to their market cap to decline as well. Fiat-backed stablecoins like Tether, USD Coin and Binance USD, on the other hand, were not as impacted. That said, the crash of algorithmic stablecoin TerraUSD and its token Terra (LUNA) led to much uncertainty on whether non-fiat backed stablecoins could work.

Tether and USD Coin form the majority of the overall stablecoin market, whilst algorithmic stablecoins are but a fraction of their size. Estimates are that Tether (USDT) alone - the most well-known stablecoin pegged to the U.S. dollar - makes up nearly **** of the stablecoin market cap in June 2022. The top three of these digital assets are all connected to the performance of the U.S. dollar, with Dai (DAI) being pegged to a different cryptocurrency, its so-called governance token MKR or Maker. Algorithmic stablecoins - cryptocurrencies that do not use fiat currencies or other cryptocurrencies as their backing but instead rely on an algorithm to keep their price stable, similar to the design of TerraUSD (UST) and Terra (LUNA) - do not feature in the top five. FRAX combines elements of an algorithmic design but still contains a partial backing by collateral.

Airport Stablecoin Rewards Program Market Outlook

According to our latest research, the global Airport Stablecoin Rewards Program market size reached USD 1.38 billion in 2024, and is poised to grow at a robust CAGR of 23.7% from 2025 to 2033. The market is forecasted to achieve a value of USD 10.42 billion by 2033, driven by the increasing adoption of blockchain technology in the travel and aviation sector, and the rising demand for frictionless, digital loyalty solutions. This rapid expansion is underpinned by the growing integration of stablecoin-based rewards programs at airports worldwide, offering enhanced value propositions for both travelers and commercial partners.

A key growth factor for the Airport Stablecoin Rewards Program market is the mounting emphasis on digital transformation within the aviation and airport retail ecosystem. Airports and airlines are increasingly leveraging stablecoin rewards to modernize loyalty offerings, streamline transactions, and reduce operational costs associated with conventional reward systems. Stablecoins, with their price stability and fast settlement capabilities, are enabling seamless cross-border transactions and eliminating the complexities of currency conversion for international travelers. This, in turn, is enhancing customer engagement and satisfaction, while providing airports and their partners with valuable insights into traveler preferences and spending behaviors.

Another significant driver is the evolving expectations of travelers, particularly among millennials and Gen Z, who demand instant, transparent, and personalized rewards experiences. The adoption of stablecoin-based rewards programs allows airports to offer real-time redemption, interoperability across multiple merchants, and greater flexibility in reward utilization. The integration of these programs with mobile apps and digital wallets is further amplifying user convenience, boosting program participation rates, and fostering brand loyalty. Additionally, the ability to convert loyalty points to stablecoins and vice versa is emerging as a compelling feature, providing travelers with tangible, spendable value.

The proliferation of partnerships between airlines, airport retailers, and hospitality providers is also fueling market growth. By collaborating on stablecoin rewards ecosystems, stakeholders can create unified platforms that deliver exclusive offers, discounts, and access to premium services across the entire airport journey. This collaborative approach is helping to increase the overall value of loyalty programs, while driving ancillary revenues for all participants. The increasing regulatory clarity surrounding digital assets and stablecoins in major markets is also encouraging greater adoption and investment in these innovative reward solutions.

From a regional perspective, Asia Pacific is emerging as the fastest-growing market for airport stablecoin rewards programs, supported by a tech-savvy population, rapid digital infrastructure development, and a high volume of international air traffic. North America and Europe are also witnessing significant adoption, driven by established loyalty program cultures and early blockchain adoption. Meanwhile, regions such as the Middle East & Africa and Latin America are gradually catching up, leveraging stablecoin rewards to attract international travelers and enhance the competitiveness of their airports. Overall, the global market outlook remains highly optimistic, with robust growth expected across all major regions.

Program Type Analysis

The Program Type segment in the Airport Stablecoin Rewards Program market is categorized into Loyalty Points Conversion, Cashback, Discounted Services, Exclusive Access, and Others. Each of these sub-segments plays a vital role in shaping the overall value proposition for both travelers and airport stakeholders. Loyalty Points Conversion programs are gaining significant traction, as they allow users to seamlessly convert traditional airline or retailer loyalty points into stablecoins, which

The global digital currency market is experiencing explosive growth, driven by increasing adoption of cryptocurrencies, central bank digital currencies (CBDCs), and stablecoins. The market's expansion is fueled by several factors: the rising demand for decentralized financial (DeFi) services, the growing need for faster and cheaper cross-border payments, and increased investor interest in digital assets as an alternative investment class. Technological advancements, including improvements in blockchain scalability and security, are further propelling market growth. Major players like IBM, Ripple, and Accenture are actively contributing to this evolution, developing innovative solutions and infrastructure for digital currency transactions and management. The integration of digital currencies into established financial systems is also a significant driver, with institutions like Citi Bank and HSBC exploring their use cases. While regulatory uncertainty and security concerns pose some challenges, the overall trajectory points towards sustained expansion. The market's segmentation reflects this diverse landscape, encompassing various types of digital currencies, from Bitcoin and Ethereum to CBDCs and stablecoins. Geographical distribution varies, with North America and Europe currently leading the adoption, though Asia-Pacific is poised for significant growth, driven by the increasing usage in countries like China and India. The forecast period (2025-2033) anticipates a continued high CAGR, although the exact rate will depend on factors like regulatory developments, technological breakthroughs, and overall economic conditions. The presence of numerous established tech companies and financial institutions in the market highlights the increasing mainstream acceptance of digital currencies and their integration into the global financial ecosystem. Competition is intense, but the large addressable market ensures opportunities for both established players and emerging innovators.

Bitcoin dominance steadily declined in April 2024 to below ** percent, amid rumors of central banks halting or potentially lowering interest rates in the future. Within the crypto world, this so-called "dominance" ratio is one of the oldest and most investigated metrics available. It measures the coin's market cap relative to the overall crypto market — effectively showing how strong Bitcoin compared to all the other cryptocurrencies that are not BTC, called "altcoins". Why dominance matters is because market caps of any crypto can change relatively quickly, either due to sudden price changes or a change of recorded trading volume. Essentially, the figure somewhat resembles a trading sentiment, revealing whether Bitcoin investors are responding to certain events or whether Bitcoin is losing out on functions offered by, for example, stablecoins or NFT tokens. "Dominance" criticism: Ethereum and stablecoin The interpretation of the Bitcoin metric is not without its criticism. When first conceived, Bitcoin was the first cryptocurrency to be created and had a substantial market share within all cryptocurrencies? The overall share of stablecoins, such as Tether, as well as Ethereum increasingly start to resemble that of Bitcoin, however. Some analysts argue against this comparison. For one, they point towards the large influence of trading activity between Bitcoin and Ethereum in the dominance metric. Second, they argue that stablecoins can be traded in for Bitcoin and Ethereum, essentially showing how much investors are willing to engage with "regular" cryptocurrency. A rally around Bitcoin in late 2023? By December 2023, the Bitcoin price reached roughly 41,000 U.S. dollars — the first time in 20 months such a value was reached. A weaker U.S. dollar, speculation on decreasing interest rates, and a potential Bitcoin ETF approval are believed to be at the heart of this price increase. Whether this will hold in 2024 is unclear: The monthly interest rate from the U.S. Fed is speculated to decrease in 2024, despite a vow of "higher for longer". In December 2023, the thought of decreasing interest rates and the potential of a Bitcoin ETF fuelled market sentiment towards riskier assets.

Crypto trader Binance ranked among the largest cryptocurrency exchangers in the world in 2024, with trading volume that was about four times as high as Bybit or OKX. It should be noted that these figures are separate from platforms Binance.US, Binance TR, or Binance.KR. The platform from the Cayman Islands faced investigations from the U.S. SEC, which came to a head in November 2023. Binance did not rank as the most used cryptocurrency exchanges used by consumers in the United States. Binance's settlement with the U.S. In November 2023, Binance agreed to pay a four billion U.S. dollar settlement with United States agencies — one of the biggest corporate fines in U.S. history. The U.S. Department of Justice investigated the platform for years for failure to prevent money laundering and growing crypto theft. The company's founder and CEO Changpeng Zhao pleaded guilty to the charges, agreeing to step down. Zhao would remain as the company's majority shareholder. The U.S. Treasury announced Binance will be subject to five years of monitoring and “significant compliance undertakings, including to ensure Binance’s complete exit from the United States.” Mixed signals from crypto companies The Binance settlement occurred in a month when overall crypto trading volume recorded its highest numbers for all of 2023. One of the main causes is the sudden popularity of FTT, a token released by FTX — the company founded by Sam Bankman-Fried. The developments surrounding Binance caused investors to move away from Binance's stablecoin BNB to the stablecoin from FTX. Earlier in November 2023, however, Coinbase saw its shares fall after announcing its quarterly performance figures.

The market size of decentralized finance market size declined to less than ** billion U.S. dollars come April 2023. This is a significant change from 2021, when the size of the decentralized finance market reached heights it had not reached before. The DeFi market was especially impacted by the crash for Terra (LUNA) and its stablecoin TerraUSD (UST) in May 2022 - with uncertainty still being present in June 2022 when coins such as USDD lost their peg to the U.S. dollar. Moreover, a declining crypto market also impacts DeFi. As Ethereum is the main blockchain powering transactions for decentralized finance, price developments of this particular cryptocurrency can have a big impact. As of July 22, 2025, the market size has increased significantly to approximately ****** billion U.S. dollars.