Stablecoin Market Tops $250B as USDT/USDC Dominate, Treasuries Surge

The stablecoin market continues its rapid growth, surpassing $250 billion in total supply and expanding 76% year-on-year to $224.9 billion. USDT and USDC maintain overwhelming dominance, accounting for over 86%–93.5% of circulation. Meanwhile, newcomer Ethena nears $6 billion, and at least ten issuers exceed $100 million. Commodity-backed tokens climbed 67.8% to $1.9 billion—driven mainly by gold price gains—while TradFi entrants PYUSD and EURCV struggle to gain traction. Tokenized treasuries proved the fastest-growing real-world asset, surging 544.8% to $5.6 billion, with BlackRock’s BUIDL capturing 44% of that segment. Over $120 billion in U.S. Treasuries are locked in stablecoins, highlighting their role as a liquidity sink. On Layer-2 chains, Base’s stablecoin supply remains steady for centralized exchange custody, whereas Arbitrum sees DeFi-centric growth led by USDC/USDT flows via HyperliquidX and Base lending led by Morpho Labs. Divergent usage—USD focus on Arbitrum versus EURC trading on Base—underscores a maturing, multifaceted stablecoin ecosystem.