For the first time ever, the total market value of stablecoins has surpassed $300 billion. This significant milestone was confirmed on October 3, 2025, according to DeFiLlama data, reflecting a 2% increase over the past week and a 6.5% surge over the last 30 days. This surge is attributed to robust trading activity and capital flows, driven by a recovering cryptocurrency market, marked by double-digit gains in Bitcoin and Ethereum during the third quarter. Market leaders include Tether’s USDT with a valuation of $176.3 billion, representing roughly 58% of the market share. Circle’s USDC comes next at $74 billion, capturing 24.5%. The top four stablecoin rankings are rounded out by Ethena’s USDe and DAI, at $14.8 billion and $5 billion respectively.