Stablecoin market cap tops $300B as crypto rebounds
The combined value of dollar‑pegged tokens has climbed past $300 billion for the first time, according to DefiLlama’s real‑time dashboard. It’s a fresh all‑time high for an asset class that powers trading, payments and DeFi plumbing, and a sign of renewed capital flowing into crypto rails.
Stablecoin market cap stands around $301 billion, up roughly 2% week‑on‑week and 6.5% over the past month. The leader remains Tether’s USDT, which accounts for about 58% of the supply (≈ $176B). Circle’s USDC has grown to roughly $74B – a near‑quarter share – while newer entrants such as Ethena’s USDe and stalwarts like MakerDAO’s DAI round out the top cohort.
The milestone comes amid a broader rebound. In Q3, the sector’s growth pace accelerated by about 20% quarter‑over‑quarter, outstripping many traditional asset classes. Bitcoin and Ether posted double‑digit quarterly gains, drawing new inflows that tend to lift stablecoin issuance as market participants move dollars onto exchanges and into protocols.
On the policy side, the U.S. GENIUS Act set out clearer lanes for dollar-pegged tokens. Major issuers and platforms report more detailed reserve disclosures and attestations and are rolling out rails aimed at corporate treasuries. That has expanded usage beyond trading to merchant settlement, remittances and defined-risk on-chain yield products.
USDT remains the largest by supply. USDC has regained momentum with deeper banking integrations. Newer designs such as USDe (yield-bearing, hybrid) have added share, while DAI continues as a DeFi-native option. Some jurisdictions are starting to distinguish between fully reserved models and those that take on market risk.
As GNcrypto previously reported, Bitwise CIO Matt Hougan has argued that if community and regional banks worry about deposits drifting to stablecoins, the straightforward response is to raise what they pay savers rather than push for tighter rules on yields. His remarks followed bank research, including Citi warnings on potential withdrawals, and came alongside the GENIUS Act’s ban on issuer‑paid interest for stablecoins. Hougan’s point: with some platforms offering rewards above typical bank rates, competition should be met by better deposit pricing, not lobbying.
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