- The stablecoin market cap reached $230 billion in 2025, led by USDT at $143.5 billion.
- USDT dominates the market with a 100,604% growth over the past decade.
- Paolo Ardoino reposted a market cap chart, hinting at further acceleration.
The stablecoin market has surged past $230 billion in 2025, reflecting a growing demand for digital dollar alternatives. USDT, issued by Tether, remains the undisputed leader with $143.5 billion in market capitalization, which is more than all its competitors combined.
In a tweet, Uquidcard CEO Tran Hung presented a digital illustration highlighting the rapid expansion of the stablecoin market over the past decade. It started with Tether alone back in 2015, with other competitors joining the race as the years progressed with increasing demand for stablecoins.
Tether CEO Paolo Ardoino reposted the data with a single-word caption, “Accelerate,” hinting at even greater growth ahead.
Why Does USDT Continue to Lead the Stablecoin Pack?
Tether has successfully maintained its position as the top stablecoin despite facing competition from the likes of USDC, DAI, and other newer options.
The chart highlights USDT’s 100,604% increase from its initial $142 million in 2015 to $143 billion in 2025. This reinforces USDT’s critical role in crypto trading, decentralized finance (DeFi), and cross-border transactions.
Trailing significantly behind USDT is USDC, which holds the second spot with a market capitalization of $59.3 billion. Several other stablecoins, such as USDe ($6.1B), DAI ($5.3B), and FDUSD ($2.2B), are gaining traction but still have a long way to go to catch up with the leaders.
Meanwhile, USD0, PYUSD, FRAX, and TUSD round out the list, reflecting a diverse yet highly concentrated stablecoin market.
Related: Binance Stablecoin Hoard Hints at Bitcoin Rally as Market Cap Hits $230 Billion: Why So?
Interestingly, USDT and USDC together account for over 90% of the total stablecoin market capitalization. The increasing reliance on these two stablecoins highlights the consolidation of liquidity among the top players, leaving smaller stablecoins with limited market share.
How Do Stablecoins Bridge Traditional Finance and Crypto
Stablecoins remain a vital link between traditional finance and the crypto ecosystem. Their price stability makes them a preferred choice for traders, investors, and businesses looking to hedge against the inherent volatility of cryptocurrencies while still maintaining exposure to digital assets.
Meanwhile, Hung noted that the rapid growth of USDT over the last 10 years has sparked envy among traditional companies and competitors.
Binance’s Dominance in Stablecoin Reserves
Adding to the discussion, Binance dominates in stablecoin’s reserves, holding 66% of total stablecoin, totaling $31 billion.
Crypto analyst Darkfost speculated that the increasing stablecoin reserves on Binance could indicate that the exchange is expanding its holdings to meet growing demand from its users.
Related: Binance Stablecoin Reserves Surge to $31 Billion Driving Crypto Liquidity
He also noted that increasing stablecoin reserves on Binance have historically preceded Bitcoin price surges and broader market rallies.
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