USDT and USDC Dominate as USDe Gains Ground in Stablecoin Market

The total value of stablecoins in circulation has crossed $300 billion for the first time, according to Defillama data, a landmark that underscores crypto’s deepening role in global finance.

Tether’s USDT remains the dominant player with a market share of 58.52% and $176.3 billion. Circle’s USDC follows with $74 billion, while Ethena’s USDe, a yield-bearing synthetic dollar, has climbed to $14.83 billion, cementing its position as the third-largest stablecoin.

While the headline figure marks a straightforward growth story, the composition of the market reveals a more nuanced shift. For years, the stablecoin sector has been defined by a Tether-Circle duopoly. Now, yield-bearing alternatives like USDe are changing the competitive landscape, offering holders not just stability but income.

Source: Defillama

That evolution is accelerating institutional interest. Citigroup projects the stablecoin market could grow to $1.9 trillion by 2030, with upside potential of $4 trillion, framing stablecoins as an essential complement to tokenized deposits in modernizing payments and capital markets.

The $300 billion milestone also underscores how stablecoins function as the liquidity backbone of crypto. Stablecoins power DeFi protocols, cross-border payments, trading markets, and increasingly bridge traditional and tokenized assets.

Still, Tether and Circle maintain more than 80% market share, and both benefit from regulatory positioning and distribution networks. But as yield and compliance frameworks converge, the competition for dominance is set to intensify.

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