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The total supply of stablecoins exceeded US$300 billion, soaring to an all-time high after months of steady expansion in 2025.
CoinMarketCap data shows thatCurrently, the total supply of stablecoins is US$307 billion,This consolidates stablecoins’ position as one of the fastest growing sectors in the crypto space.Other data providers have also confirmed this uptrend, albeit with slight differences.
CoinGecko tracks a stablecoin supply of $299 billion, while DeFiLlama reports a supply of $295.5 billion.
Regardless of the source of the data, the industry’s rapid breakthrough of the $300 billion mark reflects the accelerated adoption of stablecoins in global markets.
Tether’s USDT dominates the stablecoin market,Market share is 58%, with a total market value of US$173 billion.
Tether CEO Paolo Ardoio pointed out that USDT’s use in peer-to-peer transactions has increased significantly.Currently, the daily wallet-to-wallet transaction volume has reached US$17.4 billion, 130 times that of 2020.
Meanwhile, Circle’s USD Coin ranked second with a supply of $74 billion.It is worth noting that the company recently successfully conducted an IPO and quickly rebounded to record highs, confirming the huge demand for this asset class.
Ethena Labs’ USDe ranks third, with its supply reaching a record high of $14 billion recently due to its listing on Binance.
DeFillama’s data shows that on the blockchain network,Most stablecoins are issued on Ethereum,These stablecoins assets are worth US$161.782 billion.
The second is Justin Sun’s Tron network with a supply of $77 billion, while the supply of smart chains supported by Solana and Binance is $13 billion and $12 billion, respectively.
Patrick Scott, head of growth at DeFiLlama, stressed that since the passage of the GENIUS Act in July, stablecoin supply has hit a record high almost every week.
The law sets out Federal Reserve requirements and direct oversight of the Federal Reserve, reducing uncertainty that has dragged the industry down.
With these regulatory measures, crypto companies such as Ripple and MetaMask have made significant progress in the field.
At the same time, financial giants such as JPMorgan Chase and regulators such as the U.S. Commodity Futures Trading Commission have accelerated stablecoin-based settlement and cross-border payment experiments.
In view of this, Patrick Scott concluded: “Stablecoins have long been called the ‘Trojan horse’ for banks entering the crypto space. But maybe they are the ‘Trojan horse’ for crypto space entering the bank.Once the stablecoin payment system is integrated, unlimited new businesses will become possible.Once this door is opened, savvy entrepreneurs will see this and use cryptocurrency as a platform to launch new businesses.”
