The stablecoin market expanded again over the past seven days, adding more than $2 billion in fresh capital. Data from Defillama shows the sector’s total market capitalization has reached $322.74 billion. The move suggests that dollar-pegged digital assets continue to serve as a major source of on-chain liquidity as investors rotate capital within the broader crypto economy.
USDT Holds a Commanding Lead
Tether’s USDT remained the clear market leader. As of May 10, its market capitalization stood at $189.63 billion, up 0.05% on the week. That gives USDT a 58.76% share of the entire stablecoin market, underscoring its continued dominance in crypto trading, settlement, and liquidity management. More than half of all stablecoin value is still concentrated in USDT.
USDC Posts Strong Weekly Inflows
Circle’s USDC showed faster growth during the same period. Its market capitalization climbed to $78.96 billion, marking a 2.08% gain over seven days. Between May 3 and May 10, roughly $1.61 billion in new capital flowed into USDC, making it one of the strongest weekly performers among major stablecoin issuers. The increase points to renewed demand for dollar-backed crypto assets.
Diverging Performance Across Top Tokens
Elsewhere in the rankings, Sky’s USDS held third place at $7.88 billion despite a weekly decline of 6.37%. DAI ranked fourth at $4.66 billion, up 0.63%, while World Liberty Financial’s USD1 stood fifth at $4.43 billion, down 2.12%. Ethena’s USDe reversed prior outflows and rose 1.6% to $3.96 billion, while PayPal’s PYUSD increased 1.11% to $3.41 billion.
Tokenized Treasury-backed products also advanced. Blackrock’s BUIDL gained 5.81% to $2.986 billion, while Circle’s USYC rose 2.68% to $2.981 billion. Among the top 10 stablecoins, USDG posted the strongest weekly growth, jumping 11.89% to $2.658 billion. Overall, capital is returning to USD-pegged assets, though performance remains uneven across issuers.