The dollar-pegged cryptocurrency market continued to expand over the past seven days. Data compiled by Defillama showed that total stablecoin market capitalization rose by $1.242 billion to $317.134 billion as of April 4, extending the sector’s recent growth trend. Capital inflows remained positive for the week, while the market continued to be dominated by a small group of leading issuers.
USDT Holds the Lead as Market Concentration Stays High
Tether (USDT) remained the largest stablecoin by a wide margin, with a market capitalization of $184.076 billion and a market share of 58.04%. Over the week, USDT posted a modest gain of 0.03%, suggesting relatively stable flows in and out of the asset. The report also noted that Tether recently announced plans for a full financial audit, a development closely watched by the market.
In second place, Circle’s USDC stood at $77.42 billion in market capitalization. However, it declined by 0.39% over the past week, translating into more than $304 million in outflows, the steepest weekly drop among the top ten stablecoins.
USDS Emerges as the Week’s Strongest Performer
The standout performer was Sky’s USDS, which climbed to a market capitalization of $8.924 billion. It rose 9.57% over the week, the strongest gain among the top ten stablecoins, and attracted more than $779 million in new capital. Another Sky-issued stablecoin, DAI, reached $4.691 billion in market value after posting a 2.99% weekly increase.
Meanwhile, Ethena’s yield-bearing USDe ranked fourth with a market cap of $5.888 billion, slipping 0.26% during the same period. Together, USDT, USDC, USDS, USDe, and DAI accounted for roughly 87.1% of the total stablecoin market, underscoring how concentrated the sector remains.
Settlement Activity Points to Ongoing Real-World Usage
Beyond market capitalization, onchain usage metrics also remained significant. According to Crystalintelligence, stablecoins processed around $1.96 trillion in total transfer volume, of which approximately $508 billion represented real settlement activity. That suggests stablecoins are not only attracting fresh capital but also maintaining an important role in payments, trading, and blockchain-based settlement.
Overall, the week’s expansion was driven largely by a handful of dominant assets, with USDS standing out as the biggest magnet for new inflows while USDT retained its central role in the market. With total capitalization now above $317 billion, the stablecoin sector continues to strengthen both its scale and its utility across the digital asset ecosystem.