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The global stablecoin market has soared past $300 billion for the first time in history, signaling a landmark moment for digital finance and crypto adoption. Data from DeFi Llama shows the market cap hit $301.59 billion on October 3, fueled by the growing dominance of USD-pegged tokens and rising acceptance among banks and regulators worldwide.
Tether’s USDT leads the surge with a commanding 58% share, holding a market cap of $176.24 billion. Circle’s USDC follows at $74 billion, while Ethena’s USDe takes third with $14.8 billion. Ethereum remains the primary network for stablecoin circulation at $171.2 billion, with Tron hosting $76.7 billion. Monthly transfer volumes remain strong, reaching $3.27 trillion despite a slight dip from last month.
New opportunities are also emerging as euro- and local currency-backed tokens gain traction in Europe and Asia under fresh regulatory frameworks. Singapore recently outpaced Hong Kong by launching its own local stablecoin, XSGD, highlighting the growing push for diversified fiat-pegged assets beyond the dollar.
