The global stablecoin market capitalization surged to a fresh record of approximately $313 billion in the past 24 hours, up from $311.8 billion in December 2025. The segment added about $3.51 billion over two days, a 1.14% gain.
Safe-Haven Demand Rises Amid Middle East Tensions
This milestone comes as U.S.-Iran geopolitical frictions escalate, fueling volatility across global markets. While stablecoins advanced, the broader crypto sector remains under pressure, with total market cap down trillions. Analysts note that stablecoin cap spikes rarely occur in isolation—they often signal capital rotation into crypto, hinting at short-term inflows and cautious bullishness. That optimism is visible: the overall crypto market has rebounded 2.31% to about $2.36 trillion.
USDT Leads by Cap, USDC Surges in Usage
Tether (USDT) commands 58.74% of the stablecoin market, followed by Circle's USD Coin (USDC) at $77.28 billion (24.69%). Other native stable assets include USDS, USDe, USD1, and DAI. Institutional stablecoins are gaining ground: PayPal's PUSD is at $4.12 billion (1.32%), and BlackRock's BUILD at $2.529 billion (0.81%).
By blockchain, Ethereum hosts about 51% of total stablecoin supply—over $161 billion. Tron ranks second with $86.73 billion (27.71%), followed by BSC at $16.69 billion (5.34%), per DeFiLlama.
USDC Transfer Volume Dwarfs USDT
Despite USDT's market cap dominance, USDC has flipped it in on-chain transfers. In February, USDC handled roughly 70% of all stablecoin transfers, moving about $1.26 trillion in transactions, versus USDT's $500 billion. The surge reflects growing demand for efficient, transparent stablecoins in trading, payments, and DeFi. Total stablecoin transfer activity hit $1.8 trillion that month, underscoring sector resilience amid crypto weakness and geopolitical uncertainty. The shift may signal a gradual preference for regulatory-compliant, reserve-transparent stablecoins, cementing their role as liquidity backbone.