The total stablecoin market capitalization hit $322 billion on May 26, according to DefiLlama data. That figure exceeds the foreign exchange reserves of 95 countries, including economies you’d assume would dwarf anything crypto-related: the UK, Canada, and Mexico.
To put it differently, only 14 nations on earth, including China, Japan, Russia, India, and Germany, hold more in FX reserves than what’s now parked in dollar-pegged tokens on public blockchains.
The two-horse race at the top
Tether’s USDT continues to dominate the stablecoin landscape with roughly 59% market share, translating to approximately $189 billion in circulation. Circle’s USDC sits in a distant but secure second place at about 24%, or around $76 billion.
Together, these two tokens account for approximately 83% of the entire stablecoin market. Everything else, from DAI to FDUSD to newer entrants, splits the remaining 17%.
