Stablecoin Valuation Hits $281 Billion: Here are the Biggest Beneficiaries

• The total capitalization of stablecoins hits a new all-time high of $281 billion.
• The recent passage of the GENIUS Act in the US is a major catalyst for the growth.
• Ethereum and Tron are the primary beneficiaries, seeing their on-chain stablecoin supplies soar.

The total market cap of stablecoins, the core source of liquidity for the crypto market, has surged to a new record high of $281 billion as of August 12. At the same time, the daily average trading volume has also climbed 12% to around $187 billion.

This market continues to be dominated by two giants, Tether’s USDT and Circle’s USDC, which together command about 66% of the total market share. To put that in perspective, according to market aggregate data from Binance-backed CoinMarketCap, USDT had a circulating supply of $164.6 billion and an average trading volume of about $135 billion on Tuesday.

The undisputed king. Tether isn’t just the biggest; it is a massive on-chain. Here’s CoinEdition’s report into USDT’s on-chain footprint.

And while the U.S. dollar-backed coins still dominate, this massive growth is why other jurisdictions like China and Europe have also been exploring the market.

What’s Driving the Stablecoin Surge?

A huge driver of this growth appears to be new regulatory clarity in the United States. In fact, the market has added more than $20 billion since President Donald Trump signed the GENIUS Act into law, which provides clear pathways for institutions to issue stablecoins. Building on this momentum, established issuer Paxos announced it has applied for a new national charter from the OCC.

Meanwhile, in China: While the US is opening up, China cracks down. Here’s our report on their ‘shadow ban’ of stablecoins.

Of course, the other major factor is simple utility. The use of stablecoins for cross-border payments has gained significant traction, a trend fueled by their efficiency and growing adoption by traditional financial institutions.

Who Benefits the Most?

So with all this new money pouring in, the biggest beneficiaries are the blockchains where the tokens are actually minted. According to market data analysis from DefiLlama, Ethereum (ETH) and Tron (TRX) have recorded the highest inflow of stablecoins in the recent past.

Since the beginning of 2025, for example, Tron’s stablecoin market cap has surged from around $59 billion to about $83 billion at the time of this writing. Ethereum’s stablecoin market cap has surged from $89 billion in November 2024 to around $137 billion at the time of this writing.

The exponential increase of stablecoins has significantly increased the overall crypto liquidity and demand. As a result, the stablecoin increase has fueled bullish sentiment for the wider crypto market led by Ether price, which recently broke above a crucial resistance level around $4.1k.