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.
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.
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.
