Stablecoin market reaches record $310.1 billion valuation
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Written by
Simonas Brazionis - Updated 2025-12-14 20:32:09
The global stablecoin market has climbed to a new all-time high, reaching a total market capitalization of $310.117 billion on December 13. Data from DeFiLlama shows that stablecoins are currently holding close to $309.9 billion in value, highlighting continued growth across the sector.
Tether’s USDT remains the clear market leader, with a capitalization of $186.24 billion and a dominance of just over 60%. Circle’s USDC follows in second place, holding $78.32 billion and roughly 25% of the market. Together, these two stablecoins account for around 85% of the entire stablecoin supply.
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Stablecoin supply continues to expand
Over the past year, the stablecoin market has grown by more than 52%, rising from $203.7 billion to nearly $310 billion. Even during periods of market stress, including the October crypto downturn, stablecoins continued to attract capital. Although the sector briefly dipped to $302.8 billion in November 2024, it quickly recovered and pushed to a new record high.
Recent data shows steady issuance activity across major networks. USDT increased its circulating supply by $593 million over the past week, with new tokens minted on Tron, Solana, Arbitrum, Aptos, and Polygon. USDC also expanded, adding over $555 million across Ethereum, Solana, Base, BSC, and Hyperliquid.
Several other payment-focused stablecoins also saw growth during the same period, including PayPal’s PYUSD, Sky’s USDS, and World Liberty Financial’s USD1. Outside the top tier, Tron’s USDD and crvUSD posted strong percentage gains, contributing to an overall weekly market increase of $1.79 billion.
Not all stablecoins performed equally. BlackRock’s BUIDL experienced a notable decline, falling more than 13% and bringing its market cap down to $1.32 billion.
Yield-bearing stablecoins continue to lose traction
While payment stablecoins are expanding, yield-bearing stablecoins remain under pressure. Ethena’s USDe dropped nearly 3% over the past week, while USDtb fell by almost 19%. USDe currently holds a market cap of $6.53 billion, while USDtb stands at roughly $851 million.
Investor interest in yield-bearing stablecoins has weakened clearly since the October market crash, especially after USDe temporarily lost its dollar peg. According to StableWatch data, the total market cap of yield-bearing stablecoins has declined by 1.9% over the last 30 days, as redemptions continue to outpace new issuance.
Several smaller yield-focused tokens suffered sharp losses recently, with alUSD, smsUSD, and sBOLD all posting steep declines. At present, the yield-bearing stablecoin segment holds about $19.86 billion spread across 64 different assets.
Payments drive the next phase of stablecoin growth
The broader expansion of the stablecoin market is increasingly driven by non-yield, payment-oriented tokens. A recent report revealed that YouTube has begun allowing U.S.-based content creators to receive payouts in PayPal’s PYUSD, marking another step toward mainstream adoption.
Google has also confirmed limited experimentation with PYUSD for payments, reinforcing PayPal’s strategy to integrate stablecoins into everyday financial use cases. Over the past 30 days, PYUSD has grown by more than 13%, reaching a market capitalization of $3.86 billion and ranking as the sixth-largest payment-focused stablecoin.
As adoption spreads through payments, platforms, and major fintech players, stablecoins continue to strengthen their role as a core component of the crypto economy.
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