Stablecoins Reach $320B Market Cap Globally

Stablecoins have reached a $320B market cap.

In mid April stablecoins are continuing to grow as total market cap reaches $320B according to DeFiLlama. The 1 month’s indicator shows a greater % increase for the broader supply of stablecoins, which has reached well over 300 types of stablecoins on the market.

Last update was in March as a $315B market. The top two fiat-backed stablecoins USDT from Tether and USDC from Circle hasn’t changed much in the last 30 days. However, the USDS stablecoin from Sky approximately increased by 7% to $8.6B in supply, while the USDG stablecoin from Paxos grew by 25% within the same timeframe.

Newer models of issuance and incentives are catching on as more native crypto users are using USDS for onchain DeFi activities, and institutional participants are supporting the USDG global ecosystem for sharing yield and other incentives offered to participants.

Other categories of stablecoins such as those akin to a tokenised money market fund and tokenised notes acting as collateral for traditional products onchain grew substantially. Specifically, BlackRock’s USD stablecoin (based on its tokenised money market BUIDL fund) saw nearly a 20% increase to $3.3B, with the majority coming from the Ethereum network.

Also, the USYC stablecoin (a tokenised note formerly ran by Hashnote, now Circle) has performed with a 65% uptake in supply to $2.8B, with the BSC network responsible for nearly a third. A similar product, Ondo’s USDY stablecoin, too increased to $2.17B due to a substantial surge on Ethereum. However, these have different dividend models and risks.