Stablecoin Supply Exceeds $300 Billion, What’s Next?

The total supply of stablecoins has surpassed a record $300 billion, signaling accelerated adoption in global markets. This growth follows the passage of the GENIUS Act in July, which provided regulatory clarity and reduced industry uncertainty.

Market Leaders: Tether's USDT dominates with a 58% market share ($173B), followed by Circle's USD Coin ($74B) and Ethena Labs' USDe ($14B).
Blockchain Distribution: Most stablecoins are issued on Ethereum ($161.78B), with Tron ($77B), Solana ($13B), and BNB Smart Chain ($12B) also holding significant shares.
Industry Impact: Major financial institutions like JPMorgan Chase and regulators are accelerating experiments with stablecoins for settlements and cross-border payments. Companies such as Ripple and MetaMask have expanded their presence in the sector.
Future Outlook: Stablecoins are increasingly viewed as crypto's entry into traditional banking, with potential for new business models once payment systems are integrated.

Stablecoins have long been called banks’ Trojan horse for crypto, but perhaps they are crypto’s Trojan horse for banking.

Written by cryptoslate

Compiled by: Blockchain Knight

The total supply of stablecoins has surpassed $300 billion, surging to a record high after months of steady expansion in 2025.

Data from CoinMarketCap shows that the total stablecoin supply currently stands at $307 billion, solidifying its position as one of the fastest-growing sectors in the crypto space. Other data providers have also confirmed this upward trend, albeit with slight variations.

The stablecoin supply tracked by CoinGecko is $299 billion, while DeFiLlama reports a supply of $295.5 billion.

Regardless of the data source, 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 with a market share of 58% and a total market capitalization of $173 billion.

Tether CEO Paolo Ardoio pointed out that the use of USDT in peer-to-peer transactions has expanded significantly, with daily wallet-to-wallet transaction volume currently reaching US$17.4 billion, 130 times that of 2020.

Meanwhile, Circle’s USD Coin ranks second with a supply of $74 billion. Notably, the company recently had a successful IPO and quickly rebounded to record highs, confirming the significant market demand for this asset class.

Ethena Labs’ USDe came in third, with its supply recently reaching a record high of $14 billion thanks to its listing on Binance.

DeFillama’s data shows that on blockchain networks, most stablecoins are issued on Ethereum, with assets worth $161.782 billion.

Next is Justin Sun’s Tron network with a supply of $77 billion, while Solana and Binance-backed smart chains have supplies of $13 billion and $12 billion, respectively.

Patrick Scott, head of growth at DeFiLlama, highlighted that stablecoin supply has been hitting new highs almost every week since the passage of the GENIUS Act in July.

The law established Federal Reserve requirements and direct oversight by the Federal Reserve, reducing the uncertainty that had weighed on the industry.

With these regulatory measures in place, crypto companies like Ripple and MetaMask have made significant inroads in the space.

At the same time, financial giants such as JPMorgan Chase and regulators such as the U.S. Commodity Futures Trading Commission have accelerated experiments in settlement and cross-border payments based on stablecoins.

In light of this, Patrick Scott concluded: "Stablecoins have long been called a Trojan horse for banks to enter the crypto space. But perhaps they are a Trojan horse for the crypto space to enter the banks. Once stablecoin payment systems are integrated, endless new businesses will become possible. Once this door opens, savvy entrepreneurs will see this and use cryptocurrencies as a platform to launch new businesses."