[Swedish Central Bank: Global Stablecoin Market Reaches $272 Billion, 99% Pegged to USD] A report by the Swedish Central Bank shows that the global stablecoin market has grown from $4 billion at the beginning of 2020 to $272 billion by October 2025, with approximately 99% pegged to the US dollar. The application of stablecoins has expanded from crypto trading to areas such as decentralized finance and cross-border payments. The EU, through the MiCA regulation, requires stablecoins to be fully asset-backed and redeemable on demand, while the U.S., through the GENIUS Act passed in July 2025, allows for a more flexible structure of supporting assets. The Swedish Central Bank pointed out that stablecoins may pose challenges such as dollarization, financial stability risks, and run pressures, while also having the potential to improve payment efficiency. It is currently studying whether to allow issuers to access the central bank settlement system and use central bank reserves.