Stablecoin Market Hits $257.46 Billion USDT Dominates with 62.54% Share

The stablecoin market has reached a significant milestone, with a total market capitalization of approximately $257.46 billion as of July 1, 2025. This figure represents 7.81% of the entire crypto market capitalization, underscoring the crucial role that stablecoins play in the crypto industry. Stablecoins serve multiple functions, including facilitating trading, providing liquidity, and acting as a bridge between traditional finance and digital assets.

Tether (USDT) continues to dominate the stablecoin market, holding 62.54% of the market share. With a market capitalization of $157.7 billion, USDT's dominance is further evidenced by its high trading volume, which reached $62.2 billion over the past 24 hours. This extensive use across centralized exchanges, decentralized finance platforms, and cross-border transactions positions USDT as the top stablecoin in terms of liquidity and market reach.

Following USDT is USD Coin (USDC), which holds the second-largest market cap of $61.5 billion. However, USDC's 24-hour trading volume is significantly lower at $8.4 billion, indicating a smaller share of daily transactional activity compared to USDT.

Among mid-sized stablecoins, DAI and USDe stand out with similar market capitalizations of $5.3 billion each. Notably, DAI's 24-hour trading volume of $18.8 billion far exceeds USDe's $89.6 million. This disparity suggests that despite having comparable market caps, DAI experiences higher transactional activity, likely due to its broader acceptance and integration in decentralized finance for lending, borrowing, and liquidity pools.

Other mid-sized stablecoins include USD1 and FDUSD. USD1 has a market capitalization of $2.2 billion and a 24-hour trading volume of $1.3 billion. FDUSD, with a market capitalization of $1.4 billion, has a higher trading volume of $4.4 billion, indicating active usage despite its smaller market share compared to the top three stablecoins.

Smaller stablecoins such as PYUSD, USDY, and USDO have market capitalizations below $1 billion and low trading volumes, suggesting limited adoption or niche use cases within the market. These stablecoins form a smaller, divided segment with varied usage and liquidity levels.

The stablecoin market remains highly concentrated, with USDT and USDC accounting for the majority of capitalization and daily trading volume. The remaining stablecoins, while holding niche market shares, contribute to the overall diversity and functionality of the stablecoin ecosystem. This market structure highlights the importance of USDT and USDC in maintaining liquidity and facilitating transactions within the crypto industry.