Seven days ago, the stablecoin market economy broke past the $260 billion mark — and it’s been climbing ever since. Over the past week alone, the sector added nearly $5 billion, with close to $2 billion of that coming from freshly minted tether ( USDT).
Billions Minted, Rankings Bolstered—Stablecoins market May be Entering Their Most Turbulent Phase Yet
Token data from defillama.com shows the stablecoin market now holds a valuation of $264.986 billion, with USDT commanding a dominant 61.86% share. At the moment, on Saturday afternoon, tether’s market cap sits at a hefty $163.90 billion, boosted by a 1.19% increase in the past week that brought 1.925 billion new coins into circulation.
Circle’s USDC holds steady in second place with a $64.015 billion market cap, though it dipped 0.54% after 348 million USDC was removed from assets under management (AUM). Ethena’s USDe posted the second-highest percentage gain among the top ten stablecoins this week, climbing 24.63%.
Roughly 1.425 billion new USDe entered circulation, pushing its market valuation to $7.212 billion. Meanwhile, Sky’s USDS led the pack with a 24.95% weekly jump, as an influx of 989.77 million USDS lifted its market cap to $4.956 billion. Stablecoins ranked five through nine by market cap all saw declines over the past seven days.
Paypal’s PYUSD inched up 2.98%, with 25.75 million new tokens issued, bringing its total valuation to $890.68 million — enough to keep it as the tenth largest stablecoin. Out of the 100 tracked stablecoins, Sky posted the biggest percentage gain this week, with USDe right behind it.
While dominant players maintain their hold, the ascent of alternatives like USDe and USDS hints at growing fragmentation within the stablecoin space. Competitive minting activity signals potential disruption ahead, especially if emerging tokens sustain momentum and attract further liquidity.
Regulations, like the newly enacted stablecoin law brought forth by the GENIUS Act, may disrupt this situation even more going forward. Standardized oversight could either reinforce dominant issuers or open new doors for challengers aiming to meet compliance head-on. Beyond that, the stablecoin economy has already been expanding at a rapid and relentless pace.
Stablecoin Market Summary
The stablecoin market has been heating up lately, with Ethena’s USDS and USDe increasing their circulation by almost 25% in just a week, with USDT and USDC the main drivers of the market.
In the first half of 2025, the total market value of stablecoins exceeded $252 billion, with USDT the largest at around $163 billion, followed by USDC, which grew to $61 billion.
This growth trend is being driven by new regulations, both in the US with the enactment of the GENIUS Act and in Europe with the implementation of MiCA, which emphasizes that stablecoin holders must fully reserve their assets and conduct monthly audits for transparency, etc.
The strength of USDT and USDC, along with new regulations in the US and Europe, are helping to boost user confidence in this market.
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