Here’s a number worth sitting with: the stablecoin market has hit approximately $322.5 billion in total capitalization. That’s more than the foreign exchange reserves of 95 sovereign nations, including some you’d assume would be comfortably ahead, like the United Kingdom, Canada, and Mexico.
Who’s holding all that value
Tether’s USDT commands roughly $189.4 billion in market cap, good for about 58.7% of the entire stablecoin supply. Circle’s USDC trails at approximately $76.4 billion. Together, those two tokens account for the vast majority of the sector’s weight.
Over 98% of all stablecoin value is pegged to the US dollar, with major reserves parked in US Treasuries. The stablecoin market has added nearly $100 billion in capitalization over the past year alone.
Where the tokens actually live
