After a 75% jump, dollar stablecoins have barely grown in a year

DefiLlama data show dollar-stablecoin supply up only about 1% since October 2025, after a 75% surge the year before.

Updated

The supply of US dollar stablecoins stood at about $306 billion on Oct. 14, 2026, counting every US-dollar-pegged token in DefiLlama’s stablecoin data. A year earlier it was about $302 billion, and two years earlier about $173 billion. In other words, supply grew roughly 75% in the 12 months to October 2025, and only about 1% in the 12 months since.

Supply peaked in May 2026 and has eased since. Tether’s USDT is still the giant at about $184 billion, roughly 60% of all dollar stablecoins, followed by USDC at about $73 billion.

Flat isn’t the same as weak: supply held roughly steady through a year in which bitcoin lost more than a quarter of its value, a sign that the dollars that moved on-chain largely stayed there. Whether the next leg of growth comes from payments rather than trading is the question to watch.

Not investment advice. This article is for general information only and does not recommend buying or selling any asset.

Sources

  1. DefiLlama public API: stablecoin circulation history (all US-dollar-pegged tokens, peggedUSD series)
  2. DefiLlama public API: stablecoins by circulation
  3. CoinGecko public API: bitcoin market data (1-year price change)

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