Stablecoins have long been referred to as the Trojan horse for banks entering the crypto space, but perhaps they are the Trojan horse for the crypto space entering banks.

Written by: cryptoslate

Translated by: Blockchain Knight

The total supply of stablecoins has surpassed $300 billion, soaring to an all-time high after several months of steady expansion in 2025.

Data from CoinMarketCap shows that the current total supply of stablecoins is $307 billion, solidifying their position as one of the fastest-growing sectors in the crypto space. Other data providers have also confirmed this upward trend, albeit with slight variations.

CoinGecko tracks the stablecoin supply at $299 billion, while DeFiLlama reports a supply of $295.5 billion.

Regardless of the data source, the industry's rapid breakthrough of the $300 billion mark reflects the accelerated adoption of stablecoins in the global market.

Tether's USDT dominates the stablecoin market with a market share of 58% and a total market capitalization of $173 billion.

Tether CEO Paolo Ardoio noted that the scale of USDT's use in peer-to-peer transactions has significantly expanded, with daily wallet-to-wallet transaction volumes reaching $17.4 billion, which is 130 times that of 2020.

Meanwhile, Circle's USD Coin ranks second with a supply of $74 billion. Notably, the company recently successfully conducted an IPO and quickly rebounded to record highs, confirming the enormous demand for this asset class.

Ethena Labs' USDe ranks third, with its supply recently reaching a historic high of $14 billion due to its listing on Binance.

Data from DeFiLlama shows that most stablecoins are issued on the Ethereum blockchain, with these stablecoin assets valued at $161.782 billion.

Following Ethereum is Justin Sun's Tron network, with a supply of $77 billion, while Solana and Binance Smart Chain have supplies of $13 billion and $12 billion, respectively.

Patrick Scott, Growth Director at DeFiLlama, emphasized that since the passage of the "GENIUS Act" in July, the supply of stablecoins has set new highs almost every week.

This legislation established the Federal Reserve's reserve requirements and direct oversight, reducing the uncertainty that has burdened the industry.

With these regulatory measures in place, crypto companies like Ripple and MetaMask have made significant strides in the field.

At the same time, financial giants like JPMorgan and regulatory bodies like the U.S. Commodity Futures Trading Commission have accelerated experiments in stablecoin-based settlements and cross-border payments.

In light of this, Patrick Scott summarized: "Stablecoins have long been referred to as the 'Trojan horse' for banks entering the crypto space. But perhaps they are the 'Trojan horse' for the crypto space entering banks. Once stablecoin payment systems are integrated, limitless new business opportunities will become possible. Once this door is opened, savvy entrepreneurs will see this and use cryptocurrencies as a platform to launch new businesses."

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