The stablecoin market has reached new record highs, with the total market capitalization surpassing $234.6 billion as of March 27, 2025, reflecting a $30.9 billion increase, or 15%, since the beginning of the year. Tether's USDT supply on the Tron blockchain has also hit an all-time high of approximately $66.72 billion. Tether remains the dominant player in the market, boasting a market cap exceeding $140 billion, nearly doubling since early 2022. The supply of stablecoins is primarily concentrated on Ethereum and its Layer 2 solutions, which account for over 60% of the total capital. Additionally, the combined supply of USDe and USDtb from Ethena Labs has reached an all-time high of about $6.7 billion, up from $2 billion one year ago. Other notable figures include Polygon's stablecoin market cap of $2 billion and monthly stablecoin volume of $11.32 billion, with 2 million unique active wallets engaged in peer-to-peer stablecoin transfers.
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