The stablecoin sector expanded further this week, with total market value rising above $313 billion, according to data from Defillama. Over the past seven days, the fiat-pegged token market grew 0.88%, supported by roughly $2.742 billion in net inflows. The figures underscore the continuing role of stablecoins as a core source of onchain liquidity across the broader crypto economy.
USDT stays on top, but dominance slips
USDT remains the largest stablecoin by a wide margin, with a market capitalization of about $183.93 billion. Its weekly growth was relatively modest at 0.16%. Even so, Tether’s market share has eased below the 60% threshold, now representing 58.76% of the entire stablecoin market. USDC, issued by Circle, holds second place at $77.38 billion and posted a stronger weekly gain of 2.79%.
USDS posts the strongest weekly gain
The standout performer among the top 10 was Sky’s USDS. The token reached a market cap of roughly $7.54 billion and recorded an 8.5% increase over the last seven days, the strongest percentage rise in the top tier of fiat-backed stablecoins. That result highlights growing competition beyond the two dominant leaders.
Among other major names, Ethena’s USDe stood at about $5.95 billion, down 1.88% on the week, while World Liberty Financial’s USD1 was valued at around $4.61 billion after a 2.29% decline. Sky’s DAI reached $4.50 billion with a 2.08% weekly increase, and Paypal’s PYUSD came in at $4.18 billion, slipping 0.39%.
Inflows continue as issuer competition intensifies
Further down the ranking, Blackrock’s BUIDL rose to $2.53 billion, up 1.94%. Circle’s USYC climbed to $1.99 billion with a notable 8.12% weekly gain, while Falcon’s USDf held at roughly $1.62 billion, edging up 0.07%.
With more than $313 billion now circulating, dollar-linked stablecoins continue to dominate the sector and remain deeply embedded in crypto trading, payments, and capital movement. As new funds enter the market and issuer shares shift, competition in the stablecoin space appears set to remain intense through 2026.