The total market for stablecoins is robustly expanding and gaining serious momentum in the past month.
New data from DeFiLlama shows that the total stablecoin supply has risen a remarkable $5.671 billion in just 30 days. With this, the overall market supply of stablecoins now exceeds $251 billion — reflecting serious confidence and demand for these assets.
Examining the data more closely allows us to see that about $3.366 billion of the growth, which is over half of what we recorded, can be attributed to stablecoins that work on the Ethereum network. This realization once again highlights the fact that Ethereum is a major hub for DeFi activity. It also dispels the naive notion that the growth of USDC and other stablecoins is somehow an anti-Ethereum phenomenon.
According to DeFiLlama data, the total stablecoin supply has increased by $5.671 billion over the past 30 days, with more than half — $3.366 billion — coming from stablecoins on Ethereum. The total stablecoin supply now exceeds $251 billion, with USDT accounting for 62.1% of the…
— Wu Blockchain (@WuBlockchain) June 24, 2025
USDT Dominates Market Share, Tron Surpasses 80 Billion Supply Milestone
Tether (USDT) remains the dominant stablecoin in the market, with a 62.1% share of the total stablecoin market. USDT, the oldest and most-established stablecoin, has a position that remains unchallenged by potential rivals—newer issuers of stablecoins and alternatives to them, such as cryptocurrencies with value pegged to fiat currency.
In a significant turn of events, the USDT supply on the Tron network has crossed the 80 billion mark — a big milestone for both Tether and Tron. This development makes Tron the second-largest blockchain in the USDT supply, right behind Ethereum. What makes this even more impressive is that Tron leads all blockchains in the daily USDT transaction volume. If that’s not a good sign for potential USDT users in terms of fees and speed, consider this: Tron could soon be the go-to blockchain for USDT. These developments could have big implications for stablecoin use across the globe.
The USDT supply on @trondao just surpassed 80 billion!
Tron is currently the second-largest network in USDT supply and the largest in daily USDT transactions pic.twitter.com/Y5amCSeow1
— Sentora (previously IntoTheBlock) (@SentoraHQ) June 23, 2025
The infrastructure of Tron appeals to users searching for scalable, cost-effective alternatives to Ethereum. The increasing adoption of USDT on Tron reinforces the trend of stablecoins finding utility in ways that go beyond just speculative trading. In fact, growing use of stablecoins like USDT in remittances, cross-border commerce, and on-chain payments is an important aspect of the utility narrative associated with these digital dollar alternatives.
Circle Market Cap Overtakes USDC Circulation Amid Stock Market Surge
At the same time, Circle — the issuer of the USD Coin (USDC) stablecoin — is also making news. At the close of the market on Monday, Circle’s market capitalization has now soared to $63.89 billion, and it’s definitely exceeding the circulating supply of USDC, which is currently at approximately $61.68 billion.
As of Monday’s market close, Circle—the issuer of the stablecoin USDC—reached a market capitalization of $63.89 billion, surpassing the current USDC circulating supply of approximately $61.68 billion. Circle’s stock price briefly approached $300 during intraday trading before…
— Wu Blockchain (@WuBlockchain) June 24, 2025
Circle has seen its valuation get slashed. But that has not harmed the company’s stock, which jumped to nearly $300 Wednesday before closing at $263.45. The nearly 12-point decline in lifetime Circle valuation didn’t seem to bother investors too much. They still appear to be buying into the story that says Circle, and with it USDC, is a player in the embedded finance space.
Circle has been placing itself strategically as a transparent and regulatory-compliant stablecoin issuer to contrast with its less-than-stellar stablecoin counterparts. Unlike most stablecoin issuers, it’s focused on partnerships with traditional financial institutions and is even trying to expand into global payments the way that some crypto companies of yore did. All of this seems to work as potential factors for the projection of a current investor-confidence halo around Circle.
Stablecoins Cement Role as Backbone of Crypto Economy
The recent expansion of stablecoins underscores their key role in the wider crypto economy. Be it providing liquidity to DeFi protocols, powering rapid and low-cost payments, or acting as the go-between for fiat and digital currencies, stablecoins are showing themselves to be utterly essential.
While regulatory bodies explore how to oversee a new digital asset realm and huge institutions show they’re interested, companies that issue stablecoins, like Tether and Circle, and networks that support them, like Ethereum and Tron, have stayed very much in the spotlight. And recent signals suggest not only that the stablecoin sector is growing but also that it has become a reasonably vital component of the financial system.
More than $251 billion is now secured in stablecoins, and the next stage of crypto acceptance may be pushed by these digital dollars’ consistent and purposeful expansion across the several chains. Their growing adoption makes them one of the most relatable crypto products for governments and central banks to grasp—as they have done in recent months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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