The total market capitalization of stablecoins has officially breached the $300 billion threshold, reaching a new all-time high of $314.39 billion. This milestone represents a nearly sixfold increase from under $50 billion in early 2020 and surpasses the previous cycle peaks seen in 2021-2022, indicating a fundamental shift in the nature of crypto market liquidity.
Tether (USDT) continues to dominate the sector, commanding a 59.65% share of the total stablecoin market. Its market cap stands at $183.6 billion, with a 24-hour trading volume of $68.3 billion. USD Coin (USDC) holds the second position with a market cap of $73.99 billion and a 24-hour volume of $9.49 billion.
The expansion is characterized as a structural liquidity expansion, contrasting with previous cycles driven by speculative leverage. Analysts note that today's growth reflects a larger, more methodical, and chain-diversified on-chain dollar base embedded directly within blockchain ecosystems. Ethereum maintains the largest share of stablecoin supply, with significant contributions from Tron, Solana, Binance Smart Chain (BSC), and Base.
Other notable stablecoins in the top ranks include Ethena USDe (USDe) with a $6.22 billion market cap, Dai (DAI) at $5.3 billion, World Liberty Financial USD (USD1) at $5.0 billion, and PayPal USD (PYUSD) at $4.0 billion. Falcon USD (USDf), Global Dollar (USDG), and Ripple USD (RLUSD) each hold market caps around $1.6 billion.
This record-breaking stablecoin supply, which now constitutes 13.55% of the total crypto market cap, functions as the clearest on-chain proxy for deployable capital. It signals that over $300 billion in dollar-equivalent liquidity is residing within the crypto ecosystem, creating a larger pool of "dry powder" than at any point in history. While this capital represents potential, not active, demand for assets like Bitcoin and Ethereum, historical trends show that sustained increases in stablecoin supply have often preceded broader market expansions.
