The aggregate stablecoin market crossed $321 billion in circulating supply, setting an all-time high on the back of $2.45 billion in net growth over the past week, according to on-chain data from DeFiLlama.
Tether's USDT remains dominant at roughly $188 billion, representing 58.29 percent of total stablecoin supply. Circle's USDC follows at approximately $78 billion. Together the two issuers control just over four-fifths of the entire market.
The long tail is substantial. World Liberty Financial's USD1 holds $4.83 billion. Ethena's USDe sits at $4.48 billion. Dai carries $4.47 billion. Circle's USYC token holds $3.07 billion, and BlackRock's BUIDL — a tokenized money-market fund — holds $3.03 billion. Global Dollar USDG holds $2.78 billion, PayPal USD sits at $2.77 billion, Ondo's USDY at $2.15 billion, and Ripple's RLUSD at $1.63 billion. These include tokenized Treasury products from two of the largest asset managers and payment coins from PayPal and Ripple.
Liquidity concentration by chain reflects issuer dominance. BNB Chain holds roughly $14 billion in stablecoins, with USDT accounting for about two-thirds. Solana's stablecoin supply sits at approximately $16 billion, larger than BNB Chain by raw dollar volume. USDC leads on Solana with just over 50 percent share — a contrast to BNB's USDT tilt. On Solana, no single token fully dominates.
Base, Coinbase's Ethereum Layer 2, holds around $5 billion in stablecoins. USDC accounts for roughly 90 percent of that total, the highest concentration ratio of any chain in the dataset. Coinbase built Base and issues USDC through Circle, so the chain's liquidity pools, lending markets and DEX pairs are denominated almost entirely in one token.
Weekly growth in USDC market cap reached $2 billion, making it the fastest-growing stablecoin by absolute dollar gain over the seven-day period. That inflow pace indicates new capital entering on-chain rather than rotation between existing positions — dollars moving from traditional bank accounts into USDC represent net-new liquidity that did not previously exist in DeFi.
Monthly crypto card volume crossed $1.04 billion in July, triple the figure from July a year earlier. USDC and USDT together fund more than 70 percent of those transactions.
The supply expansion is consistent with a trend since early 2026, when aggregated on-chain data first showed tens of billions in net stablecoin issuance across the year. The market has added supply in most weeks of 2026, with this week's $2.45 billion increment landing near the high end of that run rate.
BlackRock's BUIDL and Ondo's USDY function as cash-equivalent collateral in DeFi lending markets rather than traditional stablecoins. Their combined $5.18 billion in supply is large enough to matter for protocol-level liquidity decisions. Protocol governance votes around accepted collateral types increasingly hinge on whether BUIDL and USDY qualify under existing risk frameworks.
The GENIUS Act, signed in 2025, established the federal framework governing payment stablecoin issuers — covering reserve requirements, audits and issuer eligibility. The current supply numbers, led by PayPal and Ripple entering the market at multi-billion dollar scale, reflect issuers acting on that framework.
