Coinbase State of Crypto Report: Stablecoins Hit Record Volume, RWAs Enter the Mainstream in Q2

Key Takeaways

• Coinbase’s Q2 2025 report shows that the stablecoin market cap hit $250 billion, with volume up 54% year over year.
• Real-world asset (RWA) tokenization has surged 245x in five years, reaching $21 billion.
• Nearly 1 in 5 Fortune 500 firms cite on-chain initiatives as part of their core strategy.

A new quarterly report from Coinbase points to accelerating demand for stablecoins and real-world asset (RWA) tokenization, highlighting growing institutional interest and deeper blockchain integration in global finance.

In its Q2 2025 State of Crypto outlook , Coinbase noted that the total stablecoin supply has grown 54% year-over-year, hitting a market cap of $250 billion.

Meanwhile, RWA tokenization, once a niche use case, has expanded more than 245-fold since 2020, now topping $21 billion in value.

Stablecoins See Historic Volumes

Once seen as basic on-ramps to crypto trading, stablecoins are now fueling liquidity across Decentralized Finance (DeFi) and global payments.

According to the report, stablecoin transactions reached record monthly highs twice in the past year: $719 billion in December 2024 and $717 billion in April 2025.

The report also highlighted a growing appetite among small and mid-sized businesses: 81% expressed interest in using stablecoins in their operations, up from 61% last year.

Coinbase expects the sector to expand further as stablecoin legislation moves forward in the U.S. Treasury Secretary Scott Bessent recently projected the market cap could reach $2 trillion within five years, with several financial institutions preparing to issue their own dollar-pegged assets.

RWA Tokenization Gathers Pace

Real-world asset (RWA) tokenization has become one of crypto’s fastest-growing sectors.

Backed by major institutions like BlackRock, the model is being used to bring traditional assets—from treasuries to private credit—on-chain.

The report breaks down the current composition of tokenized RWAs: 61% in private credit, 30% in treasuries, 7% in commodities, and 2% in institutional funds.

Driving this trend is a push for faster settlements, improved access, and increased liquidity.

Corporate interest is rising sharply, too—19% of Fortune 500 executives now say on-chain initiatives are part of their core strategy, up 47% year-over-year.

For an industry still shaking off regulatory uncertainty and last cycle’s volatility, Coinbase’s latest numbers suggest that crypto’s future may lie less in speculation and more in infrastructure.