The stablecoin market reached $299B in total market cap.

Here's what stands out in the data ↓

1️⃣ Two stablecoins dominate the market

> Tether: $188.7B (63% of total market)
> Circle (USDC): $74.3B (25% of total market)

Together, these two account for $263B, which is 88% of the entire stablecoin market. The remaining 12% is split among dozens of other stablecoins.

2️⃣ Growth rates vary significantly
Over the past 30 days:

• RLUSD (Ripple): +17.49%
• Paxos: +11.78%
• MakerDAO: +6.65%
• Tether: +1.48%
• Circle: +0.89%
• Ethena: -16.80%

RLUSD grew fastest despite being newly launched and reaching only $1.4B in total size. Ethena experienced the sharpest decline, dropping nearly 17% in value.

3️⃣ Stablecoins exist across multiple blockchains
Distribution by network:

• Ethereum: $171.7B (57%)
• TRON: $80.0B (27%)
• Solana: $14.8B (5%)
• BNB Chain: $12.6B (4%)
• Arbitrum: $7.6B (3%)

TRON holds $80B in stablecoins, which represents more than a quarter of all stablecoin value.

4️⃣ Different expansion strategies

Tether operates on 5 different platforms/networks
Circle operates on 2 platforms
Paxos operates on 5 platforms

Most other stablecoins operate on 1-2 platforms. The larger stablecoins by market cap tend to have presence across more networks.

5️⃣ Backing approaches differ
Traditional collateralized stablecoins (Tether, Circle, Paxos) hold the largest market shares. MakerDAO uses a decentralized model and holds $10.5B. Ethena uses a yield-bearing model with delta-neutral positions and saw the largest decline among major stablecoins.