$PYUSD, $USDe Snatch Stablecoin Market Share from $USDT, $USDC

The worldwide stablecoin sector is going through a massive shift, driving a ripple effect in the market in 2025. In this respect, $PYUSD and $USDe have emerged as the two leading stablecoins that have outperformed $USDC and $USDT. As mentioned in the new ARK Invest DeFi Quarterly Report, PayPal USD ($PYUSD) and USDe ($USDe) have witnessed notable 135% and 68% growth, competing $USDT and $USDC. These stablecoins have, conversely, witnessed 89% and 93% plunge over the year up till now.

According to stablecoin data from the recently released ARK Invest report on the crypto market:https://t.co/YlLh5czxk2

Year-to-date, the combined market share of the two major stablecoins, USDC (Circle) and USDT (Tether), has slightly declined from 93% to 89%.

USDe (Ethena… pic.twitter.com/O21VD05U0S

— OKX Ventures (@OKX_Ventures) October 16, 2025

$PYUSD and $USDe Outpace $USDT and $USDC to Dominate Explosive Stablecoin Growth in 2025

As pointed out by ARK Invest’s new quarterly report, the stablecoin market has witnessed comprehensive upsurge over this year. Particularly, PayPal USD ($PYUSD) and USDe ($USDe) have occupied the key positions when it comes to growth. These stablecoins have outcompeted the former leading players, $USDC and $USDT. Specifically, $PYUSD has jumped by 135% while $USDe has recorded a 68% rise. On the other hand, $USDT’s 89% dip and $USDC’s 93% plunge have pushed them back in the stablecoin ranking.

This broader stablecoin pump has become a key fueling factor behind the wider crypto narrative. The report discloses that increase in Ethereum’s dominance in the stablecoin sector has played a critical role in this stablecoin spike. Thus, the cumulative stablecoin supply share of Ethereum has risen from 51% to nearly 55%.

Ethereum Claims New Highs in Stablecoin Dominance

Keeping this in view, while Ethereum’s dominance has surged in the stablecoin ecosystem, TRON’s stablecoin supply share has dropped from 32% to almost 26%. According to ARK Invest’s quarterly report, this denotes a substantial capital shift toward Ethereum, while the stablecoin is achieving new milestones. Additionally, the peak ranking of $PYUSD and $USDe underscores the beginning of a new wave of stablecoin growth, as the entire supply has spiked by 40% to claim $280B.