Stablecoin Supply Doubles to Record $270 Billion on Emerging-Market Demand
The market for dollar-pegged cryptocurrencies has more than doubled in 2025, reaching about $270 billion, up from $130 billion in January 2024, according to Token Terminal. Ethereum and Tron hold around 90% of the total supply, while Solana now has over $10 billion in stablecoins.
Most stablecoins are concentrated among a few issuers: Tether, Circle, Ethena, and Sky make up about 96% of the total. Ethereum dominates the space, with 12 of the 20 largest stablecoin projects built on its network.
Stablecoins are growing fast in emerging markets. People and businesses in Latin America have moved over $50 billion using stablecoins like USDT and USDC to avoid volatile local currencies and high transfer fees.
The trend of tokenized assets is also rising. Assets in tokenized funds have jumped roughly ten times since January 2024 to $7.5 billion, with Ethereum controlling about 65% and leading by $4 billion over zkSync Era.
