Stablecoin Market Stands at $257 Billion as USDT Holds Over 60% Share

• $USDT dominates stablecoins with 62.54% market share and highest trading volume.
• $DAI leads mid-tier stablecoins in volume despite similar market cap to $USDe.
• Smaller stablecoins show low volume, indicating limited market adoption.

The stablecoin market remains a main element within the crypto industry, accounting for a total market capitalization of approximately $257.46 billion as of July 1, 2025. Representing 7.81% of the entire crypto market capitalization, stablecoins continue to serve as a major role in trading, liquidity provision, and as a bridge between traditional finance and digital assets. Recent data compiled by Phoenix Group shows a detailed view of the market standings, highlighting major stablecoins by their market capitalization and daily trading volumes.

Tether ($USDT) retains its position as the largest stablecoin by a large margin. It holds 62.54% of the stablecoin market share, with a market capitalization valued at $157.7 billion. The trading volume over the past 24 hours further confirms $USDT’s dominance, reaching $62.2 billion. This high volume shows its extensive use across centralized exchanges, decentralized finance platforms, and cross-border transactions, making it the top stablecoin in terms of liquidity and market reach.

Following $USDT is USD Coin ($USDC), holding the second-largest market cap of $61.5 billion. However, $USDC’s 24-hour trading volume is lower at $8.4 billion, which represents a smaller share of daily transactional activity relative to $USDT.

Mid-Sized Stablecoins Show Varied Market and Volume Metrics

$DAI and $USDe display similar market capitalizations, each standing at $5.3 billion. Notably, $DAI’s 24-hour trading volume at $18.8 billion far exceeds $USDe’s $89.6 million. This difference indicates that although both stablecoins have comparable market caps, $DAI experiences a higher level of transactional activity. This could reflect its broader acceptance and integration in decentralized finance, where $DAI is widely used for lending, borrowing, and liquidity pools.

Other mid-sized stablecoins are $USD1 and $FDUSD. $USD1 has a market capitalization of $2.2 billion and a 24-hour valuation of $1.3 billion denominated in USD. The market capitalization of $FDUSD is $1.4 billion, whereas the trading volume is higher, $4.4 billion, which signals active usage despite the fact that its market share in terms of the largest three stablecoins is not as high.

Smaller Stablecoins Hold a Niche Market Share

Stablecoins such as PYUSD, USDY, and USDO each report market capitalizations below $1 billion. However, their trading volumes remain low, suggesting limited adoption or small use cases within the market.

The stablecoin market remains highly confined, with $USDT and $USDC accounting for the large majority of capitalization and daily trading volume. The remaining stablecoins form a smaller, divided segment with varied usage and liquidity levels.