The stablecoin market capitalization has exceeded $300 billion for the first time in history, reaching approximately $301.59 billion as of October 2025. This milestone, achieved during a crypto market rebound, is driven by dominant players like Tether's USDT and Circle's USDC, which collectively control over 75% of the market share.
Tether's USDT holds a market cap of $176.24 billion, accounting for 58.44% dominance, while Circle's USDC follows with $74 billion. Ethena Labs' USDe has emerged as a significant competitor with $14.81 billion in market cap. The growth is fueled by regulatory clarity from the 2025 GENIUS Act and increased institutional adoption by entities such as JPMorgan, BlackRock, and PayPal, which are using stablecoins for cross-border transactions.
Paolo Ardoino, CEO of Tether, highlighted the trend, stating, "We are seeing a dramatic rise in the peer-to-peer use of USDT, with $17.4 billion now moving wallet-to-wallet daily." Ethereum hosts the largest portion of stablecoins with $171.2 billion in circulation, followed by Tron with $76.7 billion, and other blockchains like Solana and BNB Smart Chain contributing smaller amounts. The monthly transfer volume for stablecoins is $3.27 trillion, with 27 million active addresses, indicating robust usage and liquidity in decentralized finance (DeFi) protocols.
This surge parallels the 2021 DeFi Summer but is occurring more rapidly due to regulatory support and institutional integration. The emergence of euro-pegged and local currency stablecoins, such as Singapore's XSGD, shows market diversification, though USD-backed tokens still dominate with over $306 billion in market cap.
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