Stablecoin Market Cap, Excluding Algorithmic, Hits Record $168 Billion

The stablecoin market cap, excluding algorithmic stablecoins, has reached a new all-time high of $168 billion, surpassing the previous record set in early 2022. This growth marks 11 months of consistent expansion, as reported by DefiLlama.

Tether (USDT) maintains a dominant 70% market share with a valuation of $117 billion, while Circle USD (USDC) holds $34 billion. The surge in stablecoin market capitalization is driven by increased demand, with PayPal’s stablecoin, PYUSD, experiencing a 157% increase in market cap over the last 30 days, now surpassing $600 million.

The market’s expansion is further supported by the introduction of new asset-backed stablecoins, including those pegged to gold and the euro. This development indicates new money entering the crypto space, despite a decline in trading volumes.

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