$318B+ in stablecoins—and still growing

Tether leads with $190B, making up almost 60% of the total circulating supply.

Circle comes next at $77.8B, while platforms like Ethena, BitGo, and Sky are quietly surpassing $10B.

► Stablecoins are gaining real-world adoption

► Liquidity concentration remains key

► Competition is now active, not just theoretical

Stablecoins have moved beyond being just a crypto story—they’re becoming a global monetary layer.