Stablecoin market capitalization exceeds $300 billion: market moves toward diversification

The digital asset market continues to demonstrate strong growth, with one of the most notable developments being the combined market capitalization of stablecoins surpassing $300 billion for the first time. This is according to data from DeFiLlama, an analytical portal that tracks the performance of cryptocurrency assets and DeFi projects.

Market Leaders: USDT and USDC Retain Dominance

According to DeFiLlama, Tether (USDT) remains the undisputed leader among stablecoins. Its market capitalization has reached $176.25 billion, accounting for over 58% of the entire stablecoin market. In second place is USD Coin (USDC), issued by Circle, with a market capitalization of over $74 billion, or approximately 24.5% of the market.

Third place goes to USDe, the yield-generating stablecoin of the Ethena project, with a market capitalization of $14.83 billion. This asset’s growth has been one of the main factors influencing the shift in market share distribution in the stablecoin market.

Reducing Dominance of the Largest Issuers

While USDT and USDC continue to hold the lead, DeFiLlama analysts note that their combined market share has declined by nearly 5% since October 2024. This indicates gradual diversification of the sector and growing interest in new types of stablecoins.

Nick Carter, a partner at the investment firm Castle Island Ventures, called this «the end of the stablecoin duopoly.» He argues that the market is shifting from dependence on the two largest issuers to a more diverse ecosystem, where new entrants offer products focused on users, not just financial metrics.

Emergence of New Players

Carter noted that white-label solutions—models that allow companies to issue their own stablecoins at minimal cost—are actively developing in the sector. This lowers barriers to entry and facilitates the creation of stablecoins with non-zero yield.

One recent example was the announcement by MetaMask developers of the launch of their own stablecoin, mUSD, pegged 1:1 to the US dollar. It was launched on September 15 on the Ethereum and Linea blockchains, owned by Consensys.

A New Stage of Market Development

The growth of market capitalization above $300 billion confirms that the stablecoin market is entering a new stage of maturity. The expansion of the number of issuers, the implementation of innovative solutions, and increased transparency are making the sector increasingly resilient and attractive to institutional investors.

Experts predict that if current trends continue, the share of alternative stablecoins will continue to increase, stimulating competition and the development of the entire digital asset ecosystem.