- Stablecoins hold $256B market cap, driving liquidity and cross-border crypto transactions.
- USDT leads with 62% dominance and $66B daily volume, key for trading and liquidity.
- USDC and smaller stablecoins grow, supporting DeFi and diverse user needs globally.
The stablecoin market continues to hold a major position within the larger crypto market, reaching a total market capitalization of $256.64 billion as of June 25, 2025. Accounting for 7.80% of the overall crypto market dominance, stablecoins play a major role in providing liquidity, facilitating trading, and enabling cross-border payments. Data from Phoenix Group points out the concentration of the stablecoin market in a few major players while also reflecting the ongoing presence of smaller, specialized tokens serving diverse use cases.
Tether (USDT) holds the largest share of the stablecoin market, with a market capitalization of $156.7 billion. This represents a 62.21% of the total stablecoin capitalization. USDT’s dominance is further demonstrated by its impressive 24-hour trading volume of $66 billion.
These figures display Tether’s major role in crypto trading pairs and its widespread adoption for liquidity provisioning and cross-border transactions. The stablecoin’s sustained high volume also points to its importance among institutional traders and retail investors alike.
USD Coin Continues as a Major Competitor
USD Coin (USDC) ranks second in the stablecoin hierarchy, with a market cap of $61.7 billion. Its 24-hour trading volume of $10.2 billion shows consistent demand across different user groups. USDC is often preferred for its regulatory compliance and backing by established financial institutions, factors that contribute to its credibility and appeal.
Despite trailing Tether in both market cap and volume, USDC remains a significant alternative within the stablecoin ecosystem, frequently used in decentralized finance (DeFi) and institutional contexts. Aside from the two dominant stablecoins, several smaller tokens hold meaningful positions in the market. USDe and DAI have market capitalizations of $5.5 billion and $5.3 billion, respectively. DAI shows a strong 24-hour volume of $18.7 billion, indicating active usage despite a smaller market share.
Other stablecoins such as USD1, FDUSD, PYUSD, USDY, and USDO exhibit market caps between $938.6 million and $1.5 billion. PYUSD has recorded a 24-hour trading volume of $15.5 million, reflecting increasing user interest and growing liquidity.
The data provides a summary of stablecoins as essential components of the cryptocurrency economy. Their combined market cap exceeding $256 billion highlights their role in ensuring liquidity and facilitating smooth digital asset transfers. USDT and USDC command the majority of the market, but a diverse range of other stablecoins persists, catering to different regulatory environments, technological frameworks, and user preferences.
