The dollar-pegged cryptocurrency market has reached a new milestone, crossing the $317 billion threshold as of April 4, 2026. According to data compiled by defillama.com and reported by CryptoComLearn, the sector recorded net inflows of $1.242 billion over the past seven days, pushing the total market capitalization to $317.134 billion.
Top 5 Stablecoins: Tether Dominates While USDS Surges
Tether (USDT) continues to lead the stablecoin market with a market cap of $184.076 billion, representing a 58.04% share. USDT saw a modest weekly gain of 0.03%, remaining relatively flat. Notably, Tether recently announced plans to undergo a full financial audit, a move that could further strengthen confidence in its reserve backing.
Circle's USDC ranks second with a market cap of $77.42 billion, but recorded a weekly decline of 0.39%, translating to over $304 million in outflows — the largest drop among the top ten stablecoins.
The standout performer this week is Sky's USDS (formerly MakerDAO's DAI rebranded). USDS surged 9.57% to reach a market cap of $8.924 billion, adding more than $779 million in inflows. This impressive growth made USDS the biggest gainer among the top ten stablecoins by market cap.
Fourth place belongs to Ethena's USDe, a yield-bearing stablecoin with a market cap of $5.888 billion, down 0.26% for the week. DAI rounds out the top five at $4.691 billion, posting a healthy weekly gain of 2.99%. Together, these five assets account for approximately 87.1% of the total stablecoin market cap.
Transaction Volumes and Settlement Data
According to Crystalintelligence, stablecoins generated roughly $1.96 trillion in total transfer volume over the past week, with about $508 billion attributed to real settlement volume. This suggests that stablecoins are increasingly being used for actual economic activity beyond mere trading, including cross-border payments, decentralized finance (DeFi) collateralization, and remittances.
The stablecoin ecosystem continues to expand steadily, driven by dominant players like Tether and USDC, while emerging challengers such as USDS gain traction through innovation and community adoption. With Tether's upcoming audit and growing regulatory clarity, the stablecoin market is poised to attract even more institutional and retail participation in the months ahead.