The total market capitalization of the global stablecoin market has reached approximately $305.4 billion, continuing to grow amid the widespread adoption of digital dollars in cryptocurrency payments, trading, and decentralized finance, according to Fixygen.
According to DefiLlama, as of September 10, 2026, the supply of stablecoins has increased by approximately $1.69 billion, or 0.56%, over the past seven days, and by 1.6% over the past 30 days.
Tether (USDT) remains the largest stablecoin with a market capitalization of about $183.4 billion. It accounts for approximately 60% of the entire segment.
In second place is USDC, issued by Circle, with a market capitalization of about $74.5 billion. Over the past month, its supply has increased by approximately 3%.
Thus, the two largest dollar-pegged stablecoins alone control about 84.4% of the entire market.
In third place is Sky Dollar (USDS) with a market capitalization of approximately $6.64 billion, followed by DAI at $4.79 billion and Ethena USDe at approximately $4.44 billion.
USDe has recently shown the most notable growth among major stablecoins: its market capitalization has increased by approximately 13% over the past month.
The growth in stablecoin market capitalization is an important indicator of the state of the cryptocurrency market. Unlike the rise in the value of Bitcoin or Ethereum, an increase in the market capitalization of dollar-pegged tokens largely signifies the emergence of additional nominal volume of digital dollars that can be used for trading, remittances, lending, and other transactions within the cryptoeconomy.
Therefore, the growth in the supply of stablecoins is often viewed as an indicator of increased available liquidity. However, this in itself does not guarantee further growth in Bitcoin or other crypto assets—some of the funds may be used for settlements, international transfers, or held outside of risky assets.
The market structure remains extremely concentrated: USDT accounts for six out of every ten dollars of the segment’s market capitalization, and the gap between Tether and its closest competitor, USDC, exceeds $108 billion.
Stablecoins are digital tokens whose value is typically pegged to traditional currencies, primarily the U.S. dollar. They are one of the main settlement instruments in the cryptocurrency market and, at the same time, are increasingly being used beyond its borders for international payments and money transfers.
Data source: DefiLlama Stablecoins
According to Fixygen, USDT and USDC reserves are largely invested in short-term U.S. Treasury bonds (US Treasuries) and repo transactions backed by them.
The market capitalization of USDT reached approximately $183 billion, while the amount of USDC in circulation in the second quarter totaled $73.3 billion.
Circle explicitly states that USDC reserves include short-term Treasury bonds and overnight repos backed by Treasury bonds, notably through a BlackRock fund.
As a result, the growing use of digital dollars automatically increases demand for U.S. government debt.
This is precisely why the U.S. administration views the proliferation of stablecoins not only as a fintech project but also as a way to boost international demand for the dollar and Treasury bonds.
BIS Chairman Pablo Hernández de Cos also acknowledged that stablecoins have the potential to lower the cost of U.S. government financing, although they may simultaneously increase the cost of bank financing.
bond, DOLLAR, stablecoin, U.S., USDT
According to Fixygen, the line between traditional banks and the crypto industry is rapidly blurring. In March 2026, Kraken Financial received a Federal Reserve master account, becoming the first digital bank with direct access to the U.S. payment infrastructure.
Kraken already operates as a special-purpose bank in Wyoming and, at the same time, holds over 100 active regulatory licenses in more than 30 countries.
On the other hand, traditional banks are exploring the possibility of issuing their own stablecoins and tokenized deposits. JPMorgan is studying the possibility of issuing a stablecoin, and similar projects are being discussed by Bank of America, Wells Fargo, and other banks.
Even crypto companies are beginning to obtain federal banking licenses: in August, the U.S. OCC granted World Liberty Financial preliminary approval to establish a national trust bank to handle stablecoins and store assets.
As a result, in a few years, the distinction between a “bank” and a “crypto exchange” may no longer be defined by the range of services offered.
Both sides aim to provide services such as asset custody, payments, stablecoins, trading, tokenized securities, credit products, and international settlements.
The main battle will center on who can keep customers within their own financial infrastructure—JPMorgan, Coinbase, Kraken, or the new digital banks.
According to Fixygen, U.S. banks—which until recently were warning about the threat stablecoins pose to the deposit system—are now exploring the possibility of issuing digital dollars themselves.
JPMorgan views a stablecoin as a complement to its existing JPM Coin tokenized bank deposit system, according to the Wall Street Journal.
At the same time, more than a dozen banks are discussing a shared infrastructure for issuing digital currencies. Bank of America and Wells Fargo are among the participants.
The reason is simple: if a portion of payments and corporate settlements shifts to USDT, USDC, and other blockchain-based instruments, traditional banks risk losing a portion of their deposits and fee-based business.
Therefore, they are trying to offer their own alternative.
In fact, three competing models are currently taking shape: private stablecoins such as USDT and USDC, bank-issued stablecoins and tokenized deposits, as well as future central bank digital currencies.
The winner of this race could capture a significant share of the new market for round-the-clock international payments and settlements involving tokenized assets.
According to Fixygen, stablecoins are gradually evolving from a primarily exchange-based instrument into a means of everyday payments.
In July, spending via stablecoin-linked payment cards exceeded $1 billion per month for the first time, according to Paymentscan data cited by Reuters.
RedotPay forecasts that by 2028, the volume of direct card payments in stablecoins could reach $50 billion per year.
The technology is spreading particularly rapidly in Latin America and Africa, where dollar-pegged stablecoins are used as a means of savings, international remittances, and access to the dollar payment system.
RedotPay already serves over 8 million users, and its clients’ annual transaction volume exceeds $14 billion, including account top-ups and card payments.
The main change is that users no longer need to view USDT or USDC as cryptocurrencies. They can hold digital dollars and make payments with a regular Visa or Mastercard, while the conversion takes place within the payment infrastructure.
However, the Bank for International Settlements (BIS) remains skeptical. On August 28, BIS Governor Pablo Hernández de Cos stated that stablecoins are not yet a sufficiently reliable global payment system due to risks related to financial stability, anti-money laundering (AML), and the fragmentation of the monetary system.
According to Fixygen, the cryptocurrency market is closing out the last week of August near local highs: Bitcoin is holding steady at around $80,000 after rising above $81,000, investors are once again actively investing in spot ETFs, and the stablecoin sector continues to evolve from a primarily trading instrument into a full-fledged payment infrastructure.
On August 25, Bitcoin rose to $81,240, its highest level since mid-May. By the morning of Friday, August 28, the leading cryptocurrency had corrected to approximately $79,700; however, for the month of August, it remains up by about 26.7%, which could be its best monthly performance since the end of 2024.
Unlike many previous waves of growth, one of the key factors now is not so much speculative demand as it is investors’ concerns about U.S. government debt, the long-term value of the dollar, and the situation in the Treasury bond market.
Following the U.S. Treasury Department’s decision to increase the repurchase of long-term Treasury bonds, market participants have once again begun discussing the so-called “debasement trade”—the purchase of gold, Bitcoin, and other scarce assets as a hedge against potential currency devaluation.
Standard Chartered noted that such a policy creates precisely the macroeconomic environment for which Bitcoin was originally created. Some analysts suggest that a sustained break above the current resistance zone could pave the way to $95,000–100,000.
That said, this week was significantly calmer than the previous one. By last Friday, Bitcoin had already surged to around $77,000–78,000, posting its best weekly performance in over two years. This week, the market focused more on consolidating this gain than on launching a new upward surge.
Ether also remained relatively stable and was trading near $2,500 by the end of the week. Thus, Ethereum did not replicate the scale of Bitcoin’s August rally but continued its recovery following a weaker first half of the year.
One of the most important signals for the market was the return of funds to U.S. spot Bitcoin ETFs. According to market participants’ estimates, inflows into these funds in August approached $2.4–2.5 billion, with investors directing approximately $2.5 billion into ETFs over the last seven trading sessions.
BlackRock, the largest operator of Bitcoin ETFs, believes that institutional investors are increasingly viewing Bitcoin not only as a high-risk technology asset but also as a potential diversification tool amid debt and currency risks. BlackRock’s IBIT, the largest U.S. fund, already manages over $76 billion in assets.
This is particularly important for the market following a prolonged period of capital outflows from ETFs earlier this year. The return of institutional demand significantly increases the likelihood that August’s growth will prove more sustainable than the short-lived speculative rallies of previous months.
Another significant trend of the week is the accelerating development of stablecoins.
The volume of payments made using cards pegged to stablecoins exceeded $1 billion for the first time in July. RedotPay forecasts that by 2028, the annual volume of such payments could increase approximately fourfold—to $50 billion.
Stablecoins are being used more and more actively not only within crypto exchanges but also for cross-border transfers, corporate settlements, holding dollar liquidity, and everyday payments. This market is growing particularly rapidly in Latin America and Africa, where access to dollar-denominated banking instruments is limited.
This week, another signal came from the United Kingdom: the government proposed expanding the Bank of England’s mandate to include supporting innovation in the payments sector, particularly innovations related to stablecoins and digital currencies.
Another telling development was Chelsea Football Club’s decision to make Circle—the issuer of USDC—the title sponsor of its jerseys. The logo of one of the largest dollar-pegged stablecoins will now appear on the jerseys of the English Premier League club—a level of mainstream integration that would have seemed nearly impossible for the crypto industry just a few years ago.
Consolidation is also continuing in the industry’s institutional segment.
Crypto custodian BitGo has agreed to acquire NYDIG’s institutional trading business. With this acquisition, BitGo will gain a presence in derivatives, structured products, financing, and other services for institutional clients. Approximately 30 NYDIG employees are moving to BitGo. The parties did not disclose the value of the deal.
BitGo previously went public in 2026 and raised approximately $213 million during its IPO. The acquisition of part of NYDIG signals the continued emergence in the crypto market of companies seeking to provide institutional investors with a full range of services—from asset custody to trading, settlement, and structured financing.
Regulation in the U.S., however, remains one of the main sources of uncertainty.
President Donald Trump continues to urge Congress to pass the Clarity Act, which is intended to more clearly delineate the powers of regulators and establish rules for the operation of the cryptocurrency market. The legislative process remains protracted, but the industry is already actively preparing for the midterm congressional elections.
Stand With Crypto, an organization supported by Coinbase, announced this week its endorsement of 32 candidates who have previously voted in favor of cryptocurrency legislation. According to Reuters estimates, the crypto industry as a whole has already allocated approximately $200 million to political activities as part of the 2026 election cycle.
Thus, the last week of August cemented several trends at once: Bitcoin once again reached a level of around $80,000, institutional capital returned to ETFs, stablecoins are increasingly being used for real-world payments, and the largest crypto companies continue to build infrastructure that increasingly resembles the traditional financial sector.
The main risk for the market in the coming weeks remains macroeconomic. Investors are awaiting signals from the Federal Reserve regarding interest rates. Persistently high inflation has already reignited market expectations of a potential rate hike in the U.S., which is traditionally a negative factor for cryptocurrencies.
In September, attention will focus on the Fed meeting on September 16, U.S. labor market data, and trends in U.S. Treasury yields. Provided the dollar remains weak and demand for alternative assets stays high, the $80,000–83,000 range for Bitcoin will become a key technical threshold. A sustained breakout above this level could reignite market talk of $100,000, while rising yields and a hawkish stance from the Fed could push Bitcoin back into the mid-$70,000 range
Fixygen will continue to monitor the dynamics and trends of the crypto market.
