Recent data reveals that the total market capitalization of stablecoins stands at $302.8 billion. Among these, USDT has a market cap of $186.1 billion, USDC at $75.3 billion, USDS at $10.7 billion, and USDe at $7.3 billion. Additionally, stablecoins based on the Ethereum network alone account for a massive $181.3 billion market cap.
| Indicator | Value |
| Total Market Cap of Stablecoins | $302.8B (+0.69% MoM) |
| 30-day Minting Volume | $3.67T (-22.41% MoM) |
| Active Addresses | 409M (+24.85% in the last 30 days) |
| Holding Addresses | 204.8M (+2.86% Total) |
I. Market Share Distribution: USDT Dominates, USDC Secures Second
| Stablecoin | Market Cap (in billions) | Market Share | Remarks |
| USDT | 186.1 | 61.40% | Issued by Tether, backed by USD cash and short-term bonds |
| USDC | 75.3 | 24.90% | Issued by Circle, highly regulated, pegged to US Treasuries and cash |
| USDS | 10.7 | 3.50% | Issued by Binance, used for payments and staking within its ecosystem |
| USDe | 7.3 | 2.40% | Emerging decentralized stablecoin, supported by EigenLayer |
USDT and USDC together account for 86.3% of the global stablecoin market cap, forming a “dual monopoly” structure. The rest are mostly ecosystem-specific or experimental projects.
II. Network Distribution: Ethereum is the Largest Stablecoin Platform
- Stablecoins based on Ethereum have a market cap of $181.3 billion, which makes up 60% of the total stablecoin market.
- Other significant networks:
- BSC (BNB Chain): Around $30 billion (including BUSD)
- Polygon: Around $12 billion
- Solana: Around $10 billion (SOLUSD)
- Avalanche C-Chain: Around $8 billion
- Arbitrum / Optimism: Each is around $6–7 billion (L2 efficient settlement layers)
Ethereum not only reigns as the king of smart contracts but also serves as the “mother of stablecoins.” DeFi protocols like Uniswap, Aave, and Curve heavily depend on USDC and USDT, both running on Ethereum. Furthermore, Ethereum’s scalability improvements through Layer 2 solutions have significantly boosted the efficiency of stablecoin transactions on the network.
III. On-Chain Activity Trends: User Participation Soars
1. Rapid Growth in Active Addresses
- 30-day active addresses reached 409 million, showing a 24.85% increase month-on-month.
- This indicates that more retail users are adopting stablecoins for cross-chain transfers, DeFi investments, and NFT trading.
- The Web3 user base is growing rapidly.
2. Cumulative Holders Reach 205 Million
- The number of stablecoin holders has been steadily rising, showing that stablecoins have evolved from “transaction mediums” to “permanent assets” in digital wallets.
- More users are storing USDT/USDC as “digital cash.”
3. Declining Minting Volume ($3.67T vs Last Month)
- The 30-day on-chain minting volume has decreased by 22.41% compared to last month.
- Possible reasons for this decline:
- Since Q3 2025, BTC/ETH price corrections have reduced arbitrage and cross-chain demand.
- Some funds have moved from DeFi to spot markets or traditional finance.
- However, the overall minting volume is still at historical highs.
IV. Emerging Trends and Future Outlook
1. Hong Kong Dollar (HKD) Stablecoin HKDR Launching Soon
- RD InnoTech has received approval from the Hong Kong Monetary Authority (HKMA) to issue the HKDR, pegged 1:1 to the Hong Kong Dollar.
- ZA Bank will provide reserve banking services.
- Expected to launch in Q1 2026 on HashKey Exchange, supporting retail transactions.
- If successful, HKDR could become the first compliant local stablecoin in Asia, potentially driving:
- Cross-border payments between Hong Kong and Macau
- The digitization of the Hong Kong dollar
- Further Central Bank Digital Currency (CBDC) trials
If HKDR succeeds, it could spark a “regional stablecoin wave,” similar to the SGD stablecoin in Singapore or the JPY stablecoin in Japan.
2. Decentralized Stablecoins (DeFi Stablecoins) Gaining New Opportunities
- Projects like USDe (supported by EigenLayer), FRAX, and DAI are leading the charge.
- Features:
- No central authority controlling them
- Peg maintained via algorithms or collateral
- More suited for internal settlements within the DeFi ecosystem
- The combined market cap of decentralized stablecoins is around $20 billion, making up 6.6% of the total market, with room for growth.
3. Stricter Stablecoin Regulations, But Clear Compliance Path
- The U.S. “Stablecoin Act” is expected to be enacted by 2026.
- Hong Kong’s “Stablecoin Ordinance” came into effect in August 2025.
- The European Union’s MiCA regulation is fully implemented.
- Result: Only stablecoins with proper reserve audits, transparent disclosures, and licensed operations will survive.
- Benefit: Compliant projects like USDT, USDC, and HKDR will gain long-term advantages.
V. Stablecoin Market Enters the “Maturity Phase”
| Dimension | Current State | Future Trends |
| Market Size | $302.8B | Continues to grow, expected to surpass $400B by 2026 |
| Dominant Coins | USDT + USDC | Dual giants remain, but regional stablecoins will emerge |
| Underlying Network | Ethereum Dominates | L2 and cross-chain bridges will accelerate liquidity |
| User Behavior | Active Addresses Soaring | Stablecoins becoming “standard assets” in digital wallets |
| Regulatory Environment | Improving | Compliance winners will dominate, non-compliant projects will exit |
Author Bio: The author, Lao Sun, is a multilingual cryptocurrency and Web3 observer, content creator, and industry evangelist based in Hong Kong. Fluent in Chinese, English, and French, he is dedicated to interpreting the development trends of the global blockchain ecosystem from a cross-cultural perspective, with a particular focus on Hong Kong’s unique positioning and potential as an international financial hub in the Web3 wave.
Article Link: https://mp.weixin.qq.com/s/iuY6TjBa2MWs3YvQ8bKSEQ
Disclaimer:This article is reposted content and reflects the opinions of the original author. This content is for educational and reference purposes only and does not constitute any investment advice. Digital asset investments carry high risk. Please evaluate carefully and assume full responsibility for your own decisions.
