The stablecoin market has significantly outpaced the broader cryptocurrency ecosystem in 2025, according to a report by JPMorgan analysts. The market has grown by 42% year-to-date, compared to a 21% increase for the overall crypto market. This surge is attributed to the U.S. GENIUS Act, which has accelerated stablecoin adoption, pushing the market cap to nearly $300 billion. Circle's USDC has increased its market share to 25.5%, while Tether's dominance has waned. Additionally, Ethena's USDe has expanded its circulation to $14.4 billion, reflecting the shifting dynamics within the stablecoin sector.