Tether Extends Dominance in $259.17B Stablecoin Market as Turnover Highlights Shifting Utility Trends

• Tether leads stablecoin market with 62.38% share and $55.3B in daily trading volume.
• USDe outpaces DAI in volume despite equal market cap, signaling higher usage in DeFi.
• USD1 shows highest turnover rate, trading $705.5M on a $2.2B market cap.

The total value of all stablecoins reached $259.17 billion as of July 7, 2025, comprising 7.70% of the overall crypto market. Data compiled by Phoenix Group shows that Tether (USDT) remains the largest stablecoin in terms of both market capitalization and trading activity. USDT’s total market cap stood at $158.6 billion, accounting for 62.38% of all stablecoins. The token also led in trading volume with $55.3 billion over 24 hours, strengthening its central role in digital asset liquidity.

TOP #STABLECOINS BY MARKET CAPITALIZATION

TOTAL #STABLE MARKET CAP – $259.17B

STABLE DOMINANCE – 7.70%… pic.twitter.com/zpMFIwRQgd

— PHOENIX – Crypto News & Analytics (@pnxgrp) July 7, 2025

USD Coin (USDC), issued by Circle, was the second-largest stablecoin with a market capitalization of $62.0 billion. Its 24-hour trading volume was $6.2 billion, lower than Tether’s. Despite this, USDC continues to be widely used in regulatory-compliant environments and retains stable demand from institutions, though it remains far behind USDT in total usage.

Mid-Cap Stablecoins Show Divergent Volume Activity

These coins have the same market capitalization but are exhibiting varying degrees of use. Both USDe and DAI have a market cap of 5.3 billion. Nevertheless, there was virtually a huge difference in their 24 hour volumes. The trading volume in USDe was $83.8 million, and DAI was $19.1 million. This gap indicates different use cases, where USDe has a higher turnover, which could be related to trading or liquidity incentives on decentralized platforms.

The highest trading volume-market cap ratio was registered within USD1 among all studied tokens. Its market cap stood at $2.2 billion, and it produced the 24-hour trading volume of $705.5 million. The statistics show that token circulation is high even though its size is relatively small. Such activity levels may signal short-term demand patterns or arbitrage usage in active trading markets.

Several stablecoins outside the top tier also recorded measurable activity. FDUSD had a market cap of $1.4 billion and traded $4.0 million within 24 hours. PayPal’s PYUSD reached a $871.5 million market cap with $12.5 million in daily volume. USDY and USDO closed out the list with market caps of $637.1 million and $621.4 million, respectively. Their respective 24-hour trading volumes were $1.7 million and $4.2 million. Despite increasing diversification in stablecoin options, Tether remains the dominant issuer by a wide margin.