The supply of stablecoin exceeded US$300 billion. What is the next step?

# Stablecoins: Long Touted as Banks' Trojan Horse into Crypto, but Maybe They're Crypto's Trojan Horse into Banks  

Written by: cryptoslate  

Compiled & Translated by: Blockchain Knight  

The total supply of stablecoins has exceeded $300 billion, surging to an all-time high after months of steady expansion in 2025.  

Data from CoinMarketCap shows that the current total supply of stablecoins stands at $307 billion, solidifying stablecoins’ position as one of the fastest-growing segments in the crypto space. Other data providers have also confirmed this upward trend, albeit with slight discrepancies.  

CoinGecko tracks a stablecoin supply of $299 billion, while DeFiLlama reports a supply of $295.5 billion.  

Regardless of the data source, the industry’s rapid breakthrough of the $300 billion mark reflects the accelerated global adoption of stablecoins.  

Tether’s USDT dominates the stablecoin market with a 58% market share and a total market capitalization of $173 billion.  

Paolo Ardoio, CEO of Tether, noted that the use of USDT in peer-to-peer (P2P) transactions has expanded significantly, with daily wallet-to-wallet transaction volume now reaching $17.4 billion—130 times the level in 2020.  

Meanwhile, Circle’s USD Coin (USDC) ranks second with a supply of $74 billion. Notably, the company recently completed a successful IPO and quickly rebounded to a record high, confirming the market’s strong demand for this asset class.  

Ethena Labs’ USDe claims the third spot; its supply recently hit an all-time high of $14 billion following its listing on Binance.  

According to data from DeFiLlama, across blockchain networks, most stablecoins are issued on Ethereum, with these stablecoin assets valued at $161.782 billion.  

Next is Justin Sun’s Tron network, with a stablecoin supply of $77 billion, while Solana and Binance-backed Smart Chain have supplies of $13 billion and $12 billion, respectively.  

Patrick Scott, Head of Growth at DeFiLlama, emphasized that since the passage of the *GENIUS Act* in July, the total supply of stablecoins has hit new highs almost every week.  

The Act establishes Federal Reserve reserve requirements and direct oversight, reducing the uncertainties that had weighed on the industry.  

With these regulatory measures in place, crypto companies such as Ripple and MetaMask have made significant strides in this space.  

At the same time, financial giants like JPMorgan Chase and regulatory bodies including the U.S. Commodity Futures Trading Commission (CFTC) have accelerated experiments with stablecoin-based settlements and cross-border payments.  

In light of this, Patrick Scott concluded: “Stablecoins have long been called the ‘Trojan horse’ for banks to enter crypto. But maybe they’re the ‘Trojan horse’ for crypto to enter banks. Once stablecoin payment systems are integrated, endless new businesses become possible. And once that door is open, savvy entrepreneurs will see that and use cryptocurrency as a platform to launch new ventures.”  

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