Key Takeaways
The stablecoin market is expanding again, with capital quietly returning to the space after a slow start to the year.
According to DeFiLlama, the total stablecoin supply grew by $5.67 billion over the past 30 days, bringing the sector’s cumulative market cap to $251.5 billion.
Ethereum-based assets made up the lion’s share of this growth, adding $3.36 billion in new issuance — further cementing Ethereum’s (ETH) role as the primary home for DeFi activity.
Tether (USDT) remains the dominant stablecoin, now making up 62.1% of the total supply with $156.07 billion in circulation. It added roughly 1.76% to its supply over the past month.
USDC, the second-largest stablecoin, now sits at $61.32 billion, a marginal increase. Meanwhile, DAI — once a DeFi favorite — continues to decline, with supply dropping to $4.37 billion.
While the two giants continue to control most of the market, smaller stablecoins are growing in the background.
Ethena’s synthetic stablecoin, USDe, climbed 7.3% over the past month to $5.6 billion. Sky Dollar (USDS) saw the largest percentage growth among mid-tier tokens, jumping 36% to reach $4.21 billion.
Other names like BlackRock’s BUIDL ($2.87B), World Liberty Financial’s USD1 ($2.21B), and PayPal’s PYUSD ($929M) are beginning to establish their presence, but they still have a long way to go to challenge the entrenched dominance of USDT and USDC.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
