Tether will expand its control in the $25.917 billion Stablecoin market as sales highlight changing utility trends

• Tether leads the Stablecoin market by 62.38% and $55.3 billion in daily trading volume.
• The USDE surpasses the DAI of the volume, despite its equal market capitalization, indicating a higher usage in Defi.
• USD1 has the highest turnover rate, trading $755 million with a market capitalization of $2.2 billion.

The total amount of all stubcoins reached $259.17 billion as of July 7, 2025, consisting of 7.70% of the total crypto market. Data compiled by the Phoenix Group shows that Tether (USDT) remains the largest Stablecoin in terms of both market capitalization and trading activity. USDT’s total market capitalization is $158.6 billion, accounting for 62.38% of all stubcoins. Token also led trading volumes at $55.3 billion over 24 hours, strengthening its central role in digital assets liquidity.

USD Coin (USDC), issued by Circle, was the second largest Stablecoin with a market capitalization of $62 billion. The 24-hour trading volume was $6.2 billion, lower than Tether. Nevertheless, USDC continues to be widely used in regulatory compliant environments and maintains stable demand from institutions, while USDT is fully used.

Midcap Stubcoin shows a variety of volume activities

These coins have the same market capitalization, but show varying degrees of use. Both USDE and DAI have a market capitalization of 5.3 billion. Nevertheless, there was a substantial difference in the 24-hour volume. The USDE traded volume was $83.8 million and Dai was $19.1 million. This gap illustrates different use cases with high turnover rates for USDE. This could be related to trading or liquidity incentives on decentralized platforms.

The highest trading volume sales market cap ratio was registered within USD1 among the tokens studied. The market capitalization was $2.2 billion, with a 24-hour trading volume of $755.5 million. Statistics show that despite its relatively small size, there is a high token circulation. Such activity levels may indicate short-term demand patterns or use of arbitrage in active trading markets.

Several equestrians outside the upper layer also recorded measurable activities. FDUSD had a market capitalization of $1.4 billion, trading $400,000 within 24 hours. PayPal’s PYUSD reached a market capitalization of $871.5 million, with a daily market capitalization of $12.5 million. USDY and USDO have closed their lists with market capitalizations of $637.1 million and $621.4 million, respectively. The 24-hour trading volumes for each were $1.7 million and $4.2 million. Despite the increasing diversification of Stablecoin options, Tether continues to remain the dominant publisher.