Stablecoin Market Tops $251B as Capital Flows Back Into Crypto

ccn.comPubblicato 2025-06-24Pubblicato ultima volta 2025-06-24

Key Takeaways

  • The total stablecoin market cap has crossed $251 billion, growing by $5.67 billion in the past month.
  • Ethereum remains the backbone of stablecoin issuance, accounting for over $3.36 billion in new supply.
  • USDT and USDC continue to dominate, making up more than 86% of all stablecoins in circulation.

The stablecoin market is expanding again, with capital quietly returning to the space after a slow start to the year.

According to DeFiLlama , the total stablecoin supply grew by $5.67 billion over the past 30 days, bringing the sector’s cumulative market cap to $251.5 billion.

Ethereum-based assets made up the lion’s share of this growth, adding $3.36 billion in new issuance — further cementing Ethereum’s (ETH) role as the primary home for DeFi activity.

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USDT Still Rules, But Others Are Catching Up — Slowly

Tether (USDT) remains the dominant stablecoin, now making up 62.1% of the total supply with $156.07 billion in circulation. It added roughly 1.76% to its supply over the past month.

USDC, the second-largest stablecoin, now sits at $61.32 billion, a marginal increase. Meanwhile, DAI — once a DeFi favorite — continues to decline, with supply dropping to $4.37 billion.

Stablecoin supply
Stablecoin supply rises but USDT remains the leader. | Credit: DeFiLlama

Smaller Players Make Quiet Gains

While the two giants continue to control most of the market, smaller stablecoins are growing in the background.

Ethena’s synthetic stablecoin, USDe, climbed 7.3% over the past month to $5.6 billion. Sky Dollar (USDS) saw the largest percentage growth among mid-tier tokens, jumping 36% to reach $4.21 billion.

Other names like BlackRock’s BUIDL ($2.87B), World Liberty Financial’s USD1 ($2.21B), and PayPal’s PYUSD ($929M) are beginning to establish their presence,  but they still have a long way to go to challenge the entrenched dominance of USDT and USDC.

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