USDT and USDC continue to dominate the stablecoin market, together making up the vast majority of the total supply. As of March 2025, the combined market value of stablecoins reached an all-time high of approximately \$220 billion. This surge reflects a broader trend: the total stablecoin supply tends to move in strong correlation with Bitcoin price and overall market sentiment. Historically, supply expands significantly during bull markets, indicating increased capital inflows and trading activity across the crypto space.