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Crypto OTC review: H1 2025

This special edition of Finery Markets’ OTC Review is dedicated to the breakthrough of stablecoins in institutional trading.

Key data for H1’25:

  • Stablecoins’ share of crypto OTC transaction volume surged from 23% in 2023 to 74.6% in H1 2025.

  • Crypto OTC spot trading volume: +121% YoY

  • Growth in the number of OTC transactions: +154% YoY

  • In 2024 (+147% YoY) and H1 2025 (+121% YoY), stablecoins were the only digital asset sub-class to record triple-digit growth.

  • Crypto-to-stablecoin transactions rose 277.4% YoY, making them the fastest-growing segment.

It presents aggregated data on client trading turnover, market share evolution, and discusses key challenges such as potential depegging events and secondary market connectivity.

For this review, Finery Markets analyzed over 4.1 million institutional spot crypto trades executed on its technology platform during the first half of 2025.

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