Pegs on major coins remained tight and broader growth signals higher on-chain dollar demand across trading and DeFi.
The combined value of dollar-linked stablecoins has crossed $301 billion for the first time, according to DeFiLlama’s live dashboard.
That is up about 2% over the past week and 6.5% in the last 30 days as trading and DeFi activity increased across multiple chains.
Tether’s USDT remains the sector’s anchor at $176.3 billion, or roughly 58% of the market, up from about $173 billion only days ago.
Circle’s USDC is next at $74.1 billion, equal to about 24.5% share. Ethena’s USDe holds $14.8 billion and MakerDAO’s DAI is near $5.0 billion.
Several issuers outside the top two expanded more quickly than the market.
USDe’s market cap rose about 19% over the last month. BlackRock USD (BUIDL) climbed roughly 36% in seven days to $2.64 billion, and PayPal’s PYUSD gained about 35% in the same period to $2.54 billion.
Falcon USDf advanced about 30% over a month to $1.62 billion, although it fell about 14.7% week on week. By contrast, DAI declined about 6.5% over seven days and 2.8% over a month.
Peg readings stayed tight on the majors. USDT traded about +0.05% off peg, USDC about -0.03%, USDe about +0.06%, and DAI about +0.02%.
Small and mid-tier names showed mixed prints.
The breadth of issuers now spans payment companies, asset managers, exchanges, and protocol-native stables.
The top list includes BUIDL, PYUSD, Ethena USDtb, Falcon USDf, First Digital USD (FDUSD), RLUSD, M by MO, Global Dollar (USDG), and USDX Money (USDX), alongside the long-standing USDT, USDC, USDe, DAI, USDS, and WLFI-USD.
Stablecoins function as the main settlement asset for spot and derivatives trading, a base currency for DeFi lending and market-making, and a lower-volatility parking place during drawdowns.
Rising supply usually signals stronger on-chain dollar demand, deeper liquidity, and higher capacity for rotations between tokens and chains.
