Overview

• The aggregate stablecoin capitalization reached about $301.6 billion on Oct. 3, setting a new high, according to DeFi Llama.
• Tether’s USDT holds roughly 58% share at around $176 billion and Circle’s USDC sits near $74 billion, yet their combined dominance has slipped to about 83.6%.
• Ethena’s yield-bearing USDe has climbed to roughly $14.8 billion, underscoring rising demand for alternative designs.
• Most supply resides on Ethereum with roughly $171–177 billion, followed by Tron near $76–77 billion, while Solana issuance has expanded to almost $14 billion.
• Competition is intensifying as banks and fintechs roll out tokens under clearer regimes like MiCA and the GENIUS Act, including an ING–UniCredit euro stablecoin venture and Circle’s exploration of transaction reversibility.