The stablecoin market just clocked a month of historic numbers. Capital surged, usage soared, and new leaders emerged.
July ended with the total stablecoin market cap at an all-time high of $269B. That’s a 5% jump from June and a staggering 39% above the $166B recorded a year ago on Aug. 7.
$USDT remains king. It holds 61% of the market, with a market cap of $164.7B (CoinMarketCap). $USDC follows at around 24%.
Over the last month, the stablecoin sector set several notable records.
Let’s take a closer look at the numbers👇 pic.twitter.com/I0FayDQKLo
— CryptoRank.io (@CryptoRank_io) August 8, 2025
But the real standout is $USDe from @ethena_labs. In the past 30 days, supply ballooned 84%. Market cap now stands at $9.78B, giving it a 3.6% market share , enough to claim the #3 spot among stablecoins.
By chain, Ethereum dominates with $136B in stablecoins as of Aug. 1 , that’s 52% of the entire sector. Tron follows with 32%, and BNB Chain sits at 4.2%.
Key Activity Metrics And Volume
July also brought a record 44.8M active addresses holding or moving stablecoins.
- $USDT: 30.2M addresses.
- $USDC: 12M.
- $USD1: 0.87M.
BNB Chain tops the charts for chain activity with 14.7M active stablecoin addresses. Tron logs 9.9M, Polygon 5M, and Solana 4.2M.
In the past 30 days alone, stablecoins processed 1.3B transactions.
Trading and transfer volume hit new highs. July’s stablecoin volume reached $1.5T , up 18% from June and nearly 50% higher than July 2024.
$USDC drove the most flow, accounting for 48.76% of all stablecoin volume. $USDT handled 27.4%, while $DAI took 17.6%.
ETHENA’S USDe SURPASSES $5.7B CROSS-CHAIN VOLUME, THIRD AMONG SYNTHETIC DOLLARS
Ethena’s USDe has reached $5.7 billion in total cross-chain transaction volume, securing the third spot by market cap among synthetic dollar assets.
The milestone underscores the rapid adoption of… https://t.co/hXgPwS44Qo pic.twitter.com/9GcK4lBXAz
— Crypto Town Hall (@Crypto_TownHall) August 9, 2025
Why the Surge?
Part of the answer: clear rules. The GENIUS and CLARITY Acts gave the sector a framework, unlocking confidence for compliant, fully collateralized issuers. This regulatory lift came at a time when demand for on-chain dollars was already climbing.
Synthetic models like $USDe are riding a different wave. Cross-chain liquidity, capital efficiency, and rapid adoption have fueled outsized growth. But the rules also draw sharper lines , non-collateralized algorithmic coins, those with weak or risky backing, and offshore issuers that skirt compliance face heavy headwinds.
Expect consolidation. The biggest, safest, and most transparent issuers are set to grow market share. Riskier plays will either adapt or fade.
Ethena’s $USDe Hits New Milestone
Beyond its market cap rise, $USDe crossed $5.7B in total cross-chain transaction volume, securing the #3 spot among synthetic dollar assets. The figure reflects rapid uptake in the synthetic stablecoin segment , and strengthens Ethena’s case as a long-term player.
Looking Ahead
Momentum is real. If current growth holds, the sector could hit $300B in market cap by the end of 2025. More importantly, usage depth, from address counts to transaction volumes, points to stablecoins becoming the backbone of both DeFi and cross-border settlement.
Clear rules, massive liquidity, and shifting power toward top issuers give this market a foundation it’s never had before. That’s why, in stablecoins, records don’t just stand , they get broken fast.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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