The stablecoin sector has maintained its upward momentum, expanding 15.57% since the beginning of the year with an infusion of $31.590 billion. March alone accounted for 32.13% of that total, as $10.148 billion entered the stablecoin space during the month.

As of Tuesday, April 1, 2025, the sector is valued at $234.468 billion, based on data from defillama.com. Tether ( USDT) remains the dominant force among stablecoins, leading both in trading volume and market capitalization, which stands at $144.712 billion as of today.

Tether commands a dominant 61.71% slice of the fiat-pegged token market. In March, its supply expanded by $1.972 billion. USDC, the second-largest stablecoin by market size, experienced even greater growth, with its supply rising by $3.71 billion during the same period. On April 1, USDC’s market capitalization stands at $60.131 billion, accounting for 25.64% of the $234.468 billion total. Ethena’s USDe, meanwhile, saw a decline in March, shedding $203.77 million and lowering its valuation to $5.259 billion, or 2.24% of the stablecoin market.

Conversely, Ethena’s USDtb experienced an explosive expansion, climbing 1,489% with a $1.342 billion increase in supply. Among the top ten stablecoins, USDtb posted the most dramatic growth. FDUSD followed with a 30.64% gain, as its supply rose by $544.09 million. As of April 1, FDUSD’s market capitalization sits near $2.32 billion, representing 0.99% of the stablecoin economy.

Blackrock’s BUIDL climbed 245% in March, adding $1.356 billion to reach $1.908 billion. Meanwhile, Honey’s HONEY advanced 21.42% to $592.89 million, and USDA lifted 19.58% to $304.11 million.

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