The financing boom for stablecoin startups has reached a new high, surpassing the peak in 2021.

According to Jinse Finance, driven by Circle's successful listing and clearer regulations, the stablecoin and payment sector recorded 43 and 42 venture capital transactions in the third and fourth quarters of 2024 respectively, setting a new quarterly high, and the total number of transactions for the year exceeded the 2021 peak for the first time. In the first quarter of 2025, this sector accounted for 7.5% of all venture capital transactions. The profit models and sustainable development of stablecoin infrastructure have attracted a large amount of traditional institutional funds into the market, while regulatory progress such as the US GENIUS Act has further boosted investor confidence, making stablecoins one of the few crypto sectors that have surpassed the data from the last bull market.