Stablecoin Market Cap Hits All-Time High of $318.6B, Eyes $320 Billion Milestone
Key Takeaways: Holding the third spot is USDS from Sky, carrying a market capitalization of $8.706 billion despite a 2.45% weekly decline. Even so, USDS has expanded at a brisk pace since March 1, when its market cap stood at $7.35 billion. Over the past 41 days, that amounts to an 18.44% increase, or a $1.356 billion gain in absolute terms. USDe from Ethena moved in the opposite direction. USDe follows USDS with a $5.836 billion market cap and a 0.87% decline over the past seven days. Since the broader crypto market cap and bitcoin price highs in October 2025, USDe’s circulating supply has been sharply reduced. On Oct. 4, USDe carried a market cap of $14.82 billion, meaning Ethena’s stablecoin has fallen by 60.61%, a drop of $8.984 billion over that span. Rounding out the top five is DAI from Sky, holding a market capitalization of $4.665 billion with a 0.57% weekly decline. Over the past few years, DAI’s market cap has remained relatively stable, allowing it to retain a top-five position for an extended period. The week’s steepest pullback came from USD1, issued by World Liberty Financial (WLFI), and the latest reduction may be tied to the controversy surrounding the project today. USD1 posted a 5.27% drop in market capitalization this week, shedding more than $232 million since April 4. WLFI’s USD1 now holds a market valuation of $4.184 billion. The week’s top performer was BUIDL from Blackrock, which climbed 5.29% over the past seven days. BUIDL added more than $149 million during that stretch, lifting its market cap to $2.983 billion. The remaining members of the top ten cohort posted gains, with the exception of USYC from Circle, which recorded a modest 0.68% decline, shedding $18 million over the past week. Overall, the stablecoin sector held its footing this week despite mixed movement across individual tokens. Capital continued flowing into USDC while USDS demonstrated steady, long-term growth. USDe’s contraction since October 2025 reflects how quickly circulating supply adjusts when market conditions shift. BUIDL’s climb signals continued institutional appetite for yield-bearing dollar instruments. With $318.6 billion in total value and the $320 billion threshold within reach, the sector is close to setting another record.About Author
