The market capitalisation of the “stablecoin” segment has reached $236 billion, surpassing that of Ethereum ($230 billion at the time of writing).
USDT by Tether remains the undisputed leader among stablecoins, with $143.3 billion or 60.6% of the total value. USDC’s figures stand at $58.4 billion and 24.7%, respectively.
The majority of USDT is issued on Ethereum — $75.9 billion; slightly fewer coins are on Tron ($63.7 billion); and on Solana — $2 billion.
Despite trailing significantly behind the leader, USDC shows impressive growth. According to CryptoRank, the total supply of the second-largest stablecoin by capitalisation has increased by 32%.
The share of the Solana platform in the segment is also growing.
“Since the beginning of the year, the supply of stablecoins on the Solana network has grown from $5 billion to $11.8 billion. The main share is occupied by USDC — $9.2 billion, reminiscent of the situation on the Base network, where this coin also dominates, comprising 92% of the total volume,” experts noted.
Is a General “Buy the Dip” Imminent?
Analysts at Santiment recorded a surge in on-chain activity — on March 11, the number of USDT transfers reached a six-month high.
? Tether’s on-chain activity has been rapidly rising, with over 143K wallets making transfers yesterday alone (a 6-month high). When $USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering. pic.twitter.com/siFOR7vSf7
— Santiment (@santimentfeed) March 12, 2025
“When activity with USDT and other stablecoins rises amid price drops, it signals that traders are preparing to buy. Additional buying pressure helps in the recovery of quotes,” experts explained.
A similar opinion was expressed in a conversation with Cointelegraph by Vincent Liu, CIO of Kronos Research. He noted that traders often accumulate Tether’s stablecoin during market downturns to prepare for new entry points.
Nansen analysts recorded a series of “whale” USDC transfers to Coinbase (over $700 million), suggesting that major players are preparing for active purchases and subsequent market recovery.
As reported, the largest crypto exchange Binance will remove USDT and other non-MiCA-compliant stablecoins on March 31.