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Stablecoin Market Clears $270B as USDT and USDC Fuel Fresh Highs
A New Peak for On-Chain Dollars
Stablecoins just set another record. As of August 11, 2025, total capitalization has inched past $270 billion and sits around $271 billion, according to live dashboards from DeFiLlama. The move caps a steady, months-long climb and reinforces stablecoins as crypto’s go-to settlement rail for traders, DeFi users, and payments.
USDT and USDC Extend Their Lead
Issuance from the two largest dollar-pegged tokens continues to drive the advance. Tether’s USDT hit successive summer highs, crossing $160 billion in market value, while Circle’s USDC moved above roughly $65 billion. Demand for on-chain dollars looks broad and persistent across exchanges, lending markets, and everyday transfers.
Key takeaways:
If you’ve sent USDT or USDC to an exchange this month, you’ve felt that liquidity in action.
Policy Tailwinds, IPO Buzz, and the Road Ahead
Momentum picked up through mid-year. CoinDesk’s July review put the sector near $261 billion at month-end, so the market added around $10 billion in early August to break the $270 billion mark. That July snapshot also pointed to improving U.S. policy signals, which could smooth the path for mainstream adoption.
Public-market and policy milestones are helping. Circle’s June IPO—one of 2025’s largest tech listings—highlighted investor interest in stablecoin infrastructure. A more constructive U.S. legislative backdrop is also aiding institutional onboarding, according to issuers and exchanges.
Banks still see a measured growth path. JPMorgan projects stablecoins could approach about $500 billion by 2028. That’s meaningful expansion from today’s base, even if it trails the most bullish trillion-dollar calls. For now, the new all-time high cements stablecoins as crypto’s liquidity backbone. Further gains will likely track real-world payments, cross-border settlement, and tokenized-asset activity.