Stablecoin market capitalization reaches $309 billion

The total stablecoin market capitalization has reached approximately $309 billion, marking a nearly 50% increase from the $206 billion recorded at the end of 2024. This growth brings the market within $13 billion of its all-time high of $322 billion set in May 2026.

Tether remains the dominant issuer with USDT commanding roughly 60% of the market share, representing an estimated $183 billion to $184 billion in supply. Circle’s USDC holds the second-largest position with a 24% to 25% market share, valued between $74 billion and $77 billion. Together, USDT and USDC account for approximately 85% of the total stablecoin market.

While Tether leads in total supply, USDC has shown significant recent momentum, adding roughly $584 million to its market cap in a single week. USDC also captures a high percentage of adjusted on-chain transaction volume. Ethereum and Tron serve as the primary networks for these assets, with Ethereum hosting much of the institutional and DeFi activity, while Tron facilitates a large volume of peer-to-peer transfers.