Stablecoin Supply Crosses $300 Billion as Payments Use Cases Expand
Tether and Circle continue to dominate, but newer entrants from PayPal, Société Générale and Standard Chartered are gaining ground.
Aggregate stablecoin supply crossed $304 billion on Friday, according to data compiled by DefiLlama, an increase of 41 percent year-to-date and the strongest sustained expansion of the asset class to date.
Tether's USDT remains dominant at $172 billion of supply, but Circle's USDC has accelerated, crossing $76 billion on the back of strong institutional adoption following the company's IPO last quarter.
Newer entrants are gaining meaningful share. PayPal's PYUSD has crossed $4.2 billion, Société Générale's EURCV has emerged as the dominant euro-denominated regulated stablecoin, and Standard Chartered's recently launched HKDS has set early benchmarks for compliant Asian-currency settlement.
Payment use cases are now driving the growth. Stablecoin settlement volumes for cross-border B2B payments crossed $1.4 trillion in the trailing twelve months — a figure that, if sustained, places the rails on a credible trajectory toward materiality within global wholesale payments.
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