Stablecoins Surge Past $200 Billion: Ethereum & TRON Lead the Charge

The stablecoin market has reached a record high of over $200 billion, driven largely by Tether’s dominance ($142 billion) and continued growth in DeFi. Circle’s USDC stands as a prominent challenger with $49 billion in market share, while newcomer stablecoins like SkyEcosystem’s USDS ($8.3 billion) and Ethena’s USDe ($6.5 billion) are vying for their space. Ethereum remains the frontrunner in stablecoin market dominance, holding 58% of the total market cap. This is followed closely by TRON with 31%, reflecting its leading role in DeFi transactions.