With no sign of slowing down, stablecoins have seen their total capitalization exceed $300 billion. Let’s take a look back at this incredible performance.
Stablecoin capitalization exceeds $300 billion
We regularly return to this topic, as stablecoins are experiencing explosive growth in 2025.
This is evident not only in the new initiatives coming onto the market every week, but also in the more or less concrete projects of players from the traditional finance sector. Nevertheless, if there is one thing that does not lie, it is the figures, and in this respect, the total capitalization of stablecoins has just exceeded $300 billion, as shown by CoinGecko data:
Beyond the fact that stablecoins account for more than 7.77% of total crypto capitalization and 17.83% of capitalization excluding Bitcoin (BTC), this figure is all the more impressive given that in the first quarter of 2025, stablecoins had a market capitalization of “only” $200 billion, representing a 50% increase in just a few months. As shown in the ranking above, dollar-backed stablecoins are far ahead of the pack, accounting for more than 97.6% of the market. By comparison, euro-backed stablecoins account for less than 0.19%.
The three market leaders, Tether’s USDT, Circle’s USDC, and Ethena’s USDe, alone account for 87.35% of all stablecoins, representing a 66.27% increase in one year for these three assets:
Not all of these stablecoins have experienced the same growth, although the graph above does not allow us to measure this. By reporting this change on a base 100 scale, we can see that USDe is far ahead of the pack:
In 12 months, USDT has grown by 46%, USDC by 107%, and USDe by 465%. Returning to the stablecoin market as a whole, if growth continues at the rapid pace we are currently seeing, it is likely to reach $400 billion by the end of the year.
