The dollar-pegged cryptocurrency market has reached a new milestone, crossing the $317 billion threshold with a total market capitalization of $317.134 billion as of Saturday, April 4, 2026, according to data from DefiLlama. Over the past seven days, the stablecoin sector recorded net inflows of approximately $1.242 billion, driven primarily by the impressive performance of Sky’s USDS.
Top Stablecoins Show Mixed Trends
Tether (USDT) continues to dominate the market with a 58.04% share, backed by a market cap of $184.076 billion, posting a modest weekly increase of 0.03%. Tether recently announced its intention to undergo a full financial audit, a move that could enhance transparency and institutional confidence. Circle’s USDC holds the second position with a market cap of $77.42 billion, though it experienced a weekly decline of 0.39%, translating to outflows of over $304 million — the sharpest drop among the top ten.
Sky’s USDS emerged as the standout gainer this week, climbing 9.57% to reach a market cap of $8.924 billion, adding more than $779 million in inflows. The fourth-largest stablecoin, Ethena’s USDe, holds a market cap of $5.888 billion with a slight weekly decline of 0.26%. Sky’s DAI rounds out the top five at $4.691 billion, showing a healthy 2.99% weekly growth. Together, these five assets account for approximately 87.1% of the total $317.134 billion stablecoin market cap.
On-Chain Settlement Volume Highlights Real Utility
According to Crystal Intelligence, the stablecoin sector processed roughly $1.96 trillion in gross transfer volume over the past week, of which about $508 billion was attributed to authentic settlement volume. This data underscores the increasing usage of stablecoins for legitimate trading, DeFi activities, and cross-border payments.
Sky’s rapid growth of USDS reflects the market’s positive reception to the protocol’s new governance and yield mechanisms, as it gradually replaces DAI as the core stablecoin in the Sky ecosystem. Meanwhile, Tether’s planned full audit is seen as a significant step toward regulatory compliance and could attract more institutional capital into the space.
At 8 a.m. Eastern Time on April 4, Bitcoin traded at $67,109 with a market cap of $1.32 trillion, consolidating under bearish pressure. The expanding stablecoin market provides ample liquidity for the broader crypto ecosystem, though macroeconomic headwinds and regulatory developments remain key risks.