Stablecoin Supply Surges to Record $320B as Exchange Trading Hits 2023 Low
The stablecoin market has reached a new record high of $320 billion in supply, according to recent data. This marks the fourth consecutive monthly record, despite broader crypto prices experiencing a downturn.
However, trading on centralized exchanges has fallen to its lowest level since November 2023, with a decline of 4.13% to $883 billion. The dominance of Tether (USDT) and USD Coin (USDC) in the stablecoin market is evident, with USDT making up 73.7% of trading volume on centralized exchanges.
The growth in stablecoin supply suggests that holders are increasingly using these assets as collateral, treasury cash, or settlement rails rather than for pure trading purposes. The total float has grown by nearly 49% in 2025, with the market cap closing the year near $311 billion.