Stablecoin market capitalization surpasses $300 billion for the first time

The stablecoin market size has surpassed $300 billion for the first time. Analysts say that a rebound across the virtual asset (cryptocurrency) market and regulatory tailwinds have combined to accelerate steady capital inflows.

On the 3rd (local time), The Block reported that the total stablecoin market capitalization was $301 billion, up 6.5% in one month.

Tether (USDT) ranked first, recording a market cap of $176.3 billion, accounting for 58% of the total. Following it were Circle's USDC at $74 billion (24.5% share) and ENA's USDe at $14.8 billion.

Stablecoins play the role of a key currency in the virtual asset market for trading, payments, and decentralized finance (DeFi) use, and are used as an alternative to 'safe-haven' assets even in volatile market conditions. The industry views the expansion of stablecoin supply as a key indicator of capital inflows.

This growth is seen as the result of regulatory momentum and increased institutional demand. The stablecoin market in Q3 2025 grew 20% quarter-on-quarter, outperforming traditional asset classes. In particular, the passage of the U.S. 'Genius bill', which promised to clarify regulations for dollar-pegged tokens, is said to have spurred institutional participation.

At the same time, the rebound in the virtual asset market also had an effect. Bitcoin (BTC) rose 9.6% in the past week to $119,972, with a market capitalization of $2.4 trillion. Ethereum (ETH) also jumped 13.3% in the same period to $4,498, with a market cap of $542 billion, continuing its strength.