Global stablecoin trading volumes reached a record $33 trillion last year, marking the first time the figure surpassed that level and rising 72% from the previous year. Among the coins, Circle’s USDC accounted for $18.3 trillion of trades—the largest share—while Tether’s USDT followed with $13.3 trillion. USDC’s activity was concentrated on decentralized finance platforms, whereas USDT was more commonly used for everyday payments, business transactions, and as a store of value.
In terms of market capitalization, Tether still leads with about $1.87 trillion, roughly 2.5 times USDC’s approximately $0.75 trillion. Stablecoins are designed to track fiat values such as the dollar or euro, offering lower price volatility relative to other digital assets and expanding their use in payments, remittances, and asset custody. The market outlook points to growing regulatory clarity and institutional adoption, which could position stablecoins as a core pillar of global payments infrastructure. World Liberty Financial also issues the dollar-based stablecoin USD1, though it has a smaller footprint, with a market cap around $3.4 billion.
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