Stablecoin Supply Hits Record High Above $323 Billion, DefiLlama Data Shows

According to DefiLlama, total stablecoin supply has surpassed $323 billion, marking a new record as growth appears to slow and Tether gains share in crypto market liquidity.

USDT

36d ago

Fact Check

The DefiLlama stablecoins dashboard directly confirms a total stablecoin market cap of $323.112 billion at time of verification, exceeding the claimed 'above $323 billion' threshold. USDT dominance at 58.69% with USDC showing a -1.98% 30-day decline corroborates the claim that Tether is gaining market share from rivals. The Odaily newsflash independently cites DefiLlama for the same record figure. The Block article headline (confirmed via web search snippet, dated May 19, 2026) aligns with all aspects of the claim including growth slowing and Tether gaining at rivals' expense. All three independent sources are mutually consistent, and the primary data source (DefiLlama) has been verified directly.

Summary

According to DefiLlama, total stablecoin supply has climbed to a record high above $323 billion, surpassing the earlier $300 billion milestone and underscoring the continued importance of dollar-pegged tokens in crypto trading, payments, transfers, and on-chain liquidity. Stablecoins remain a key measure of capital available across digital asset markets. While aggregate supply continues to expand, earlier reporting indicated that growth had begun to slow, and Tether, issuer of USDT, appeared to be gaining market share from rival issuers, suggesting increasing concentration in stablecoin liquidity.

Terms & Concepts

Stablecoin: A cryptocurrency designed to maintain a stable value, usually by being pegged or linked to a fiat currency such as the U.S. dollar.
Tether: The company behind USDT, the largest widely used dollar-pegged stablecoin in the crypto market.
DefiLlama: A crypto data platform that tracks metrics across decentralized finance markets, including stablecoin supply.