Stablecoin circulation exceeds $270 billion, setting a new record

According to data collected by defillama.com and artemisanalytics.com, the total stablecoin market value has exceeded $270 billion.

Both data indicate that the Bitcoin system is larger, highly active, and geographically distributed. The total market value of $270.303 billion marks a period of sustained Bitcoin expansion, while liquidity is concentrated on a small number of issuers and blockchains. The asset class serves as a bridge between trading venues, wallets, and traditional finance (including centralized exchanges and on-chain protocols).

Over the past seven days, the total stablecoin market capitalization has increased by $3.051 billion, a 1.14% increase, according to the defillama dashboard. This new total brings the asset class close to its previous peak and continues the steady growth expected throughout 2024 and 2025. This figure reflects the circulating supply multiplied by the price and focuses on tokens pegged to the US dollar.

Currently, Tether (USDT) remains the market leader, with a 61.06% market share. USDC is the second-largest component, while a group of competitors including Ethena’s USDe, Sky’s USDS and DAI, and Blackrock’s BUIDL each hold single-digit shares. Artemis Terminal’s market share chart shows USDT maintaining a significant lead in 2025, while USDC’s share has increased this year.