Although bitcoin has seen its fair share of price swings this week, the stablecoin market has quietly ballooned by $2.114 billion—edging ever closer to the $260 billion milestone.
USDT Leads the Charge as Stablecoins Creep Toward $260B Summit
Over the last seven days, the stablecoin market has climbed 0.84%, ticking up from $253.25 billion to $255.364 billion. Just $4.636 billion more and it’ll be staring down a fresh all-time high at the $260 billion mark. Right now, stablecoins make up about 7.7% of the $3.32 trillion crypto market. Tether’s USDT holds the lion’s share of the stablecoin pie, commanding 62.45% of the total fiat-pegged token market.
Source: defillama.com
USDT itself is inching toward a fresh milestone, with its market cap now at $159.479 billion—just shy of the $160 billion mark. Over the past week, Tether added about $1.175 billion to its total. USDC wasn’t left behind either, expanding its supply by $417.34 million during the same stretch. Circle’s USDC, the second-largest stablecoin, now boasts a market cap of roughly $61.806 billion.
Coming in fourth, sky dollar (USDS) made the biggest move of the week with an 8.72% jump, lifting its value to $4.583 billion. Ethena’s USDe held onto third place, creeping up by 0.03% to reach a strong $5.306 billion. Dai (DAI), holding the fifth slot, slipped just 0.07% but still clocks in at $4.324 billion. Blackrock USD (BUIDL) eased down 1.35%, closing the week at $2.815 billion.
World Liberty Financial’s stablecoin modestly kept things in the green with a 0.10% bump, landing at $2.207 billion. Ethena’s USDTB stayed locked in place, unchanged at $1.46 billion. First Digital’s FDUSD edged down 0.56%, trimming its cap to $1.216 billion. Paypal USD (PYUSD) took the biggest tumble of the week, dropping 10% to settle at $870.74 million.
With several stablecoins gaining ground and others slipping, the market is steadily closing in on its next milestone. As USDT and USDC continue to expand, all eyes are now on whether the $260 billion threshold will be crossed soon. Since Jan. 1, the stablecoin market has been adding an average of $272.55 million daily—and if that rhythm keeps up, it’s on track to hit the $260 billion milestone by July 21.
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