- USDT dominates stablecoins with 62.54% market share and highest trading volume.
- DAI leads mid-tier stablecoins in volume despite similar market cap to USDe.
- Smaller stablecoins show low volume, indicating limited market adoption.
The stablecoin market remains a main element within the crypto industry, accounting for a total market capitalization of approximately $257.46 billion as of July 1, 2025. Representing 7.81% of the entire crypto market capitalization, stablecoins continue to serve as a major role in trading, liquidity provision, and as a bridge between traditional finance and digital assets. Recent data compiled by Phoenix Group shows a detailed view of the market standings, highlighting major stablecoins by their market capitalization and daily trading volumes.
Tether (USDT) retains its position as the largest stablecoin by a large margin. It holds 62.54% of the stablecoin market share, with a market capitalization valued at $157.7 billion. The trading volume over the past 24 hours further confirms USDT’s dominance, reaching $62.2 billion. This high volume shows its extensive use across centralized exchanges, decentralized finance platforms, and cross-border transactions, making it the top stablecoin in terms of liquidity and market reach.
Following USDT is USD Coin (USDC), holding the second-largest market cap of $61.5 billion. However, USDC’s 24-hour trading volume is lower at $8.4 billion, which represents a smaller share of daily transactional activity relative to USDT.
Mid-Sized Stablecoins Show Varied Market and Volume Metrics
DAI and USDe display similar market capitalizations, each standing at $5.3 billion. Notably, DAI’s 24-hour trading volume at $18.8 billion far exceeds USDe’s $89.6 million. This difference indicates that although both stablecoins have comparable market caps, DAI experiences a higher level of transactional activity. This could reflect its broader acceptance and integration in decentralized finance, where DAI is widely used for lending, borrowing, and liquidity pools.
Other mid-sized stablecoins are USD1 and FDUSD. USD1 has a market capitalization of $2.2 billion and a 24-hour valuation of $1.3 billion denominated in USD. The market capitalization of FDUSD is $1.4 billion, whereas the trading volume is higher, $4.4 billion, which signals active usage despite the fact that its market share in terms of the largest three stablecoins is not as high.
Smaller Stablecoins Hold a Niche Market Share
Stablecoins such as PYUSD, USDY, and USDO each report market capitalizations below $1 billion. However, their trading volumes remain low, suggesting limited adoption or small use cases within the market.
The stablecoin market remains highly confined, with USDT and USDC accounting for the large majority of capitalization and daily trading volume. The remaining stablecoins form a smaller, divided segment with varied usage and liquidity levels.
