Market Leaders
Tether (USDT) strengthened its dominance, capturing 59% of the market and adding over $2 billion in one week. Its market cap has crossed $174 billion. In second place is USDC by Circle with $73.5 billion, although the token saw a decline of nearly $300 million last week.
The third-largest player is USDe by Ethena, whose market cap reached $14.3 billion (+2.87% weekly). Other notable gainers include DAI (+5.56% to $5.38 billion) and the rapidly growing PYUSD by PayPal, which surged 43% in a week to $1.88 billion.
Dynamics and Flows
According to RWA.xyz, net quarterly inflows were led by USDT ($19.6B), USDC ($12.3B), and USDe ($9B). Smaller but notable inflows came from PYUSD ($1.4B) and MakerDAO’s USDS ($1.3B).
Some stablecoins declined in volume: USDS dropped 3.7% (to $4.24B), while BlackRock’s BUIDL fell by $6M to $1.94B.
Networks and Infrastructure
Ethereum remains the leading network for stablecoin issuance, hosting $171B in assets. TRON ranks second with $76B, followed by Solana, Arbitrum, and BNB Chain with a combined ~$30B.
User activity has cooled: active wallets are down 22.6% to 26M, and transfer volumes slipped 11% to $3.17T.
Conclusion
The stablecoin market isn’t slowing down—it’s breaking records almost every week. Tether is tightening its grip, but newcomers like USDe and PayPal’s PYUSD are quickly gaining ground, pushing competition and sparking innovation. At this pace, crossing the $300B milestone looks like just the beginning, with new highs likely on the horizon in the coming months.