The stablecoin market capitalization has risen above $310 billion after adding more than $1 billion in less than 72 hours, extending two months of steady growth as the broader crypto market also advances toward the fourth quarter. Tether is bringing USDT back to the Bitcoin network through a partnership with Utexo, whose launch is expected this month and includes private transfers, direct BTC-USDT swaps and Bitcoin-backed lending. Circle is also launching cirBTC, a 1:1 wrapped BTC token designed to let institutions use Bitcoin in lending, borrowing and settlement without unwinding their underlying BTC exposure. USDC added $881 million over 90 days, the largest gain among major stablecoins, while RLUSD gained $765.3 million, the United States’ U gained $474.2 million and USDe gained $419.1 million. Circle’s recent pivot toward MiCA compliance could strengthen its European position and support further USDC liquidity growth. The combined initiatives could deepen Bitcoin and DeFi capital flows in the fourth quarter if stablecoin supply continues expanding.