Stablecoin Market Cap Rockets 4.87% to $261B – 22 Straight Months of Bullish Dominance
Stablecoins just flexed another growth spurt—$261 billion market cap ain’t playing around. That’s a 4.87% surge, stacking wins for nearly two straight years. Traders clinging to these ‘safe havens’ like Wall Street clings to outdated fee models.
The Unstoppable Climb
No dips, no drama—just 22 months of relentless expansion. Even crypto winters couldn’t freeze this momentum.
Why It Matters
When volatility bites, stablecoins eat. They’re the shock absorbers for a market that thrives on chaos—and the numbers scream adoption.
The Cynic’s Corner
Let’s face it: banks still think ‘blockchain’ is a spreadsheet upgrade. Meanwhile, stablecoins quietly ate their lunch.
$1.60T Trading Volume Powers July’s Stablecoin Market Growth
According to the latest Stablecoins & CBDCs Report from CoinDesk, stablecoin pair trading volume on centralized exchanges reached $1.60T in July, coinciding with a broader digital asset rally driven by surging corporate adoption.
The report reveals that Tether (USDT) maintains its sector leadership position, with market capitalization climbing 3.61% to $164B in July, marking its twenty-third consecutive monthly expansion.
Despite this growth, USDT’s market dominance experienced a slight contraction in July, declining from 62.5% to 61.8%.
Meanwhile, USD Coin (USDC) showed strong performance with a 3.78% increase to $63.6B, while Ethena USDe posted remarkable growth of 43.5% to reach $7.60B in market capitalization.
Ethena is experiencing the fastest growth in Q3 2025
It's up $4.02 billion this quarter, and we still have 60 days left in this quarter.
Compared to other stablecoins like USDT, USDC, and USDS, Ethena has low transfer volume compared to its market cap. The transfer… pic.twitter.com/RYb2UI7ebP
Ethena USDe’s expansion proves particularly noteworthy, occurring despite a significant decrease in staked USDe APY from over 20% to 9.79%.
A surprising finding from the report shows Falcon Finance’s USDf, which recorded the highest market capitalization increase among the top 10 stablecoins, surging 121% to $1.07B.
Conversely, BlackRock’s BUIDL and First Digital Labs’ FDUSD experienced the steepest declines, falling 15.9% and 8.54% to $2.40B and $8.54B, respectively.
The report ranks the top 10 stablecoins by market capitalization as follows: Tether (USDT), USD Coin (USDC), Ethena USDe, Sky Dollar, Dai, BlackRock USD (BUIDL), World Liberty Financial USD (USDD), Ethena USDtb, First Digital USD, and Falcon USD.
Tron Network Captures 50% of Total USDT Supply As GENIUS Act Establishes Federal Stablecoin Framework
The stablecoin ecosystem on the TRON network reached a new all-time high in July, climbing to $81.9B.
For the first time since August 2024, Tron now commands over 50% of the total USDT supply across all blockchain networks.
USDT Has a New Home: It’s TRON.
1H 2025 Recap: Stablecoin Capital Has Moved
➾ USDT on TRON: $80.8B (ATH)
➾ Ethereum: $73.8B
➾ +$21B growth in 2025 | +35% YTD
TRON now settles more USDT than ethereum — it’s not catching up, it’s leading.
Why it matters: TRON is the new… pic.twitter.com/VIYgga4Ome
The stablecoin sector’s consistent growth coincides with enhanced regulatory clarity. Most significantly, the GENIUS Act became law when President TRUMP signed the legislation on July 18.
This groundbreaking framework establishes the first federal regulations for “payment stablecoins,” mandating full 1:1 backing by cash or liquid U.S. Treasuries, while enforcing monthly reserve disclosures and auditing requirements.
These developments have accelerated adoption within the stablecoin sector as builders, users, and stakeholders gain increased confidence in its utility and efficiency.
For example, in July, the combined market capitalization of non-USD stablecoins, including euro and ruble-backed tokens, exceeded $1 billion for the first time.
These trends have encouraged countries and traditional financial institutions to soften their stances toward crypto stablecoin adoption.
On August 1, Hong Kong’s licensing regime announced plans to permit HKD- and CNY-pegged stablecoins to compete in Asian settlement markets currently dominated by USD.
Just Yesterday, payment processor Remitly disclosed intentions to integrate stablecoin functionality into its global payment network.
Industry Split on Stablecoin Market Growth Projections: $2T vs $500B
The stablecoin wave of adoption and innovation has prompted industry leaders like Ripple CEO Brad Garlinghouse to project explosive sector growth, suggesting the market could expand from its current $261 billion valuation to as much as $2 trillion in the near future.
Speaking on CNBC’s “Squawk Box” in July, Garlinghouse characterized the potential expansion as “profound,” citing institutional momentum and evolving regulatory frameworks as primary catalysts.
Stablecoins To $2 trillion!
Treasury Secretary Scott Bessent said that dollar linked stablecoins could hit $2trn and could help cement dollar dominance. pic.twitter.com/U30W4VuUP4
However, JPMorgan has expressed skepticism regarding bullish stablecoin projections, forecasting more modest growth to $500B by 2028 and cautioning that trillion-dollar estimates are “far too optimistic.”
The banking giant cited limited mainstream adoption and restricted use cases beyond cryptocurrency trading as significant barriers to explosive growth.
