Stablecoin Market Cap Hits New Record
Combined supply of dollar-pegged tokens crossed $322 billion this week, driven by continued growth in tokenized treasury products.
The combined supply of dollar-pegged stablecoins crossed a fresh record of roughly $322 billion this week, according to data from DefiLlama and Artemis. Growth continues to be led by Tether's USDT and Circle's USDC, with PayPal's PYUSD and MakerDAO's DAI (now flanked by Sky's USDS) also contributing.
The expansion has been supported by tokenised treasury products from BlackRock, Franklin Templeton and Ondo, which recycle short-dated US Treasury exposure into on-chain form. Payments and settlement use cases in emerging markets have also grown steadily.
Regulators in the United States and European Union continue to work through frameworks for stablecoin issuance, with reserve composition, redemption rights and consumer protections all central to the debate.
