币界网报道：Stablecoins now account for 74.6% of institutional OTC crypto spot trades in H1 2025, up from 46% in 2024 and 23% in 2023, per Finery Markets' analysis of 4.1M trades. OTC volume surged 112.6% YoY, with stablecoin transactions growing 154%—outpacing crypto-fiat's 48.5% rise. USDC saw a 29x turnover boost amid MiCA-driven USDT restrictions in Europe, while altcoins like Cardano and Solana captured 16.7% share. Institutional adoption spurred M&A activity, including Stripe's $1.1B Bridge acquisition and Galaxy Digital's $175M DeFi/stablecoin fund. Finery CEO Konstantin Shulga warns systemic risks are rising as issuer proliferation fragments markets, noting secondary-market liquidity must expand to mitigate potential depegging crises.