The digital stablecoin market has seen an unprecedented surge, with its global market capitalization surpassing $300 billion, indicating the accelerating global adoption of these assets.
According to data from the DeFi Llama platform, the market capitalization of stablecoins reached approximately $301.59 billion on October 3, driven by the continued rise of US dollar-pegged currencies and their increased use by traditional banks within growing regulatory frameworks.
Tether (USDT) leads the market with a 58.44% share and a market cap of $176.24 billion, followed by USD Coin (USDC) with $74 billion, and Ethena USDe with $14.81 billion.
The Ethereum network maintains its leadership in hosting these assets, with a value of $171.2 billion, while the Tron network hosts approximately $76.7 billion.
The monthly stablecoin volume transfers reached $3.27 trillion, with 27 million active addresses worldwide.
Despite the dominance of dollar-pegged currencies, European and Asian banks are developing alternatives linked to the euro or yuan.
In this context, Singapore launched its local stablecoin, XSGD, ahead of Hong Kong, which has yet to issue any official licenses.
