Stablecoin Market Holds Near $303 Billion as Payment Estimates Trail Transfers

Stablecoins had a tracked market capitalization of $302.564 billion on Oct. 17, while estimates of their 2025 payment activity remained far below gross transfer totals, underscoring how blockchain volume can include movements unrelated to commerce. Tether USD (USDT) represented 60.63% of the tracked supply. An early-April estimate put the market at about $315 billion and the dollar-denominated share at about 98%. Gross-transfer estimates for 2025 ranged from $28 trillion to more than $62 trillion, while another estimate put the total at about $35 trillion. The figures use different methods and are not directly comparable. One analysis behind the estimate above $62 trillion classified $4.2 trillion, or about 7%, as real economic activity. Totals that remove transfers between wallets owned by the same party are much lower.

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