Stablecoin Stress Index
How Big Is the Stablecoin Market?
The stablecoin market surpassed $200 billion in total supply in 2025, with annual transaction volume reaching $27.6 trillion — surpassing Visa’s annual payment volume.
- Total supply: Over $200 billion
- Annual transaction volume (2024): $27.6 trillion
- Number of stablecoins: Dozens, though USDT and USDC dominate
- Growth rate (2025): ~50% year-over-year supply growth
Stablecoin Market Share
- USDT (Tether): ~$140B (~58% market share) — largest by far
- USDC (Circle): ~$55B (~25%) — institutional preferred
- DAI (MakerDAO): ~$5B — largest decentralized stablecoin
- FDUSD (First Digital): ~$3B — Binance ecosystem
- USDe (Ethena): ~$3B — synthetic dollar protocol
Stablecoins by Blockchain
Ethereum and Tron collectively host over 80% of all stablecoin supply. Tron’s dominance in stablecoins is driven by low transaction fees making it popular for P2P transfers, especially in emerging markets.
What Is the Stablecoin Stress Index?
The Stablecoin Stress Index is a 0-100 score monitoring systemic risk, combining peg deviation, market concentration, supply flow velocity, and market fear signals.
- 0-20: Low stress — normal market conditions
- 21-40: Mild stress — minor peg deviations, watch closely
- 41-60: Moderate stress — notable pressure on pegs
- 61-80: High stress — active depeg risk
- 81-100: Critical — active depegging event
Stablecoin Regulation
- US GENIUS Act (2025): First federal framework for stablecoin issuers
- EU MiCA: Stablecoin-specific provisions effective since mid-2024
- Singapore MAS: Stablecoin regulatory framework finalized 2023
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