Stablecoins Market Cap Reaches $246.50B as Tether (USDT) Leads the Category with 62.41% Share

According to new data published by Phoenix Group, the total market capitalization of stablecoins reached $246.50 billion as of May 16, 2025.

Stablecoins now account for 7.46% of the total crypto market capitalization, according to new data published by Phoenix Group.

The total market capitalization of stablecoins reached $246.50 billion as of May 16, 2025. These tokens continue to play a crucial role in trading activity, liquidity provision, and decentralized finance systems.

The report provides a detailed breakdown of the top-performing stablecoins by market capitalization and trading volume, offering insights into the market’s concentration and the performance of smaller competitors.

TOP #STABLECOINS BY MARKET CAPITALIZATION

TOTAL #STABLE MARKET CAP – $246.50B

STABLE DOMINANCE – 7.46%… pic.twitter.com/7ZwTcDzZfl

Among the leading stablecoins, Tether (USDT) leads with a market capitalization of $151.0 billion, representing 62.41% of the entire stablecoin market. It also leads in 24-hour trading volume with $87.4 billion exchanged, indicating high turnover and liquidity.

The figures highlight Tether’s persistent presence across centralized exchanges, DeFi protocols, and crypto payment infrastructure. Its market performance places it significantly ahead of all other stablecoins.

However, USDC follows closely with a market cap of $60.6 billion and a daily trading volume of $11.1 billion. Together, USDT and USDC comprise over 85% of the stablecoin market’s total capitalization. This level of concentration suggests that a majority of stablecoin-based activity still relies on two primary assets, even as new tokens continue to emerge.

DAI, USDe Show High Volume-to-Cap Ratios

Among decentralized options, DAI holds a market capitalization of $5.3 billion. But its daily volume of $17.1 billion exceeds its total market value, suggesting an interesting dynamic.

At a market capitalization of $4.9 billion and a daily volume of $150.3 million, USe shows high trading activity relative to its size. This may indicate growing short-term interest or increased integration with newer protocols.

In another development, PYUSD, a token launched by PayUSD in April 2024, has a market cap of $911.5 million and a trading volume of $19.8 million. The low volume may be due to limited exchange listings or user engagement on-chain. This asset will be closely observed as adoption patterns evolve.

The latest list also includes USDO and USDY stablecoins. USDO is worth $647.1 million in the market, compared to USDY’s $585.4 million. This showcases the growing diversity of stablecoins. However, neither coin experiences significant trading activity.

The stablecoin business is heavily centralized, with USDT and USDC holding the largest market shares and providing the bulk of liquidity. Additionally, smaller and lesser-known coins are gaining more attention, hinting at possibilities for their varied use cases.