Stablecoin Market Hits New Milestone at $301 Billion
The stablecoin market has reached a new milestone, surpassing $300 billion in capitalization as of October 1. The quarter saw significant changes in the distribution of stablecoins across different chains, with Tron gaining $5 billion and Ethereum losing $4.9 billion in supply.
Circle led issuer growth, adding $915 million in Q3, while BNB Chain dominated new holder addresses with 12.9 million added during the quarter. Tether's market capitalization declined by $207.7 million, but it continued to add wallets at a scale newer stablecoins have yet to approach.
The opposing moves of Tron and Ethereum created a nearly $10 billion swing in their relative positions during a single quarter. Tron's stablecoin supply increased by 5.6% over the period, taking the network to $93.9 billion. However, Ethereum remains comfortably ahead, hosting 54.2% of global stablecoin supply compared to Tron's 31.2%.