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I just checked the numbers for stablecoins, and the total market has already surpassed $313 billion. The interesting thing is to see how assets linked to fiat currency continue to attract fresh capital week after week.
Tether still dominates with nearly $190 billion, although its market share has dropped to less than 59%. Circle's USDC is at $77.5 billion and remains stable. But what caught my attention the most is Sky's USDS, which is now around $11.5 billion. It was much further behind not long ago.
Fiat-backed tokens like Ethena's USDe and World Liberty Financial's USD1 are also on the list, though with smaller market caps. DAI remains relevant with $4.4 billion, and PayPal USD is around $3.4 billion.
What I observe is that competition among issuers is intensifying. Each project wants its share of the on-chain liquidity pie. Inflows continue, although most weekly movements are moderate. The demand for liquidity linked to the US dollar clearly isn't slowing down. With over $313 billion circulating, these fiat-denominated assets will continue to be essential for any trader needing quick movements between platforms.