Per the most recent data from defillama.com, recorded on March 26, 2025, the stablecoin sector now commands a valuation of $234.60 billion, achieving a 4.58% appreciation since the onset of the month. Tether reigns supreme as the preeminent stablecoin by market capitalization, commanding a formidable $144.698 billion. Across the past month, USDT’s circulation expanded by 1.29%, injecting an additional $1.841 billion into its dominion.

Stablecoin economy on March 26, 2025, via defillama.com.

At the same time, Circle’s USDC breached the $60 billion threshold for the first time ever, buoyed by a $2.909 billion influx—a 5.09% leap—over the same 30-day span. As of March 26, its valuation crystallized at $60.1 billion. Meanwhile, Ethena’s USDe, the third-largest contender, faced a contraction of $515.01 million this month, dwindling to $5.373 billion. Conversely, Sky’s USDS enjoyed a spirited spike of $638.96 million, elevating its total worth to $4.766 billion.

Amidst the dynamic shuffling of entrenched stablecoin contenders in recent weeks, a fresh cohort of U.S. Treasury-anchored crypto instruments has methodically carved its niche. Blackrock’s BUIDL, for example, ballooned by 239% since Feb. 26, while Ethena’s USDtb—tethered to BUIDL tokens—astoundingly vaulted by 1,505% in the same period. As of Wednesday, BUIDL’s market capitalization hovers at $1.93 billion, and USDtb’s valuation crystallizes at $1.433 billion, defying conventional growth trajectories.

Berachain’s HONEY emerges as a formidable climber, enjoying a 45.35% ascent over the past month. Its supply swelled by 224.78 million tokens, propelling its total valuation to $720.47 million. Blackrock’s BUIDL now secures seventh place in the stablecoin hierarchy, Ethena’s USDtb occupies eighth, and Berachain’s HONEY claims 11th by market capitalization. Cumulatively, the fiat-pegged crypto sector expanded by $10.28 billion since March 1, showcasing its relentless growth.

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