Stablecoins hit an all-time high of 323.3 billion

Crypto is moving forward without fanfare, but it is now leaving thick marks on the market table. In this great digital chessboard, stablecoins advance their pawns with the coldness of a server room. They don't have the panache of bitcoin, nor the grimaces of memecoins. Yet they already hold a good portion of the liquidity, like a discreet queen behind louder coins.

Stablecoins lock the board with USDT as heavy king

Stablecoin market climbs to $323.3 billion, following $2 billion in inflows in seven days. There thrust confirms a massive return to tokenized dollars, without much speculative fireworks.

Tether maintains control with $189.7 billion and 58.67% dominance. In other words, USDT remains the king in the center of the board, while its rivals are still searching for the perfect opening.

USDC shows a bumpier trajectory according to recent readings. A week earlier, it attracted 1.61 billion dollars and rose to 78.96 billion. Then he gave up more than 950 million to return nearly 77.06 billion.

This oscillation illustrates a stablecoin market that has become tactical, almost surgical. Crypto investors no longer just store cash on-chain. They move their reserves, test yields, arbitrage risks and choose sides based on market depth.

Crypto sees BlackRock, PayPal and Western Union advance their riders

Behind Tether, several challengers are advancing without asking permission. Sky's USDS jumped 11.5% over the week to $8.79 billion. The threshold of 10 billion is not very far away.

DAI, its eldest, remains fourth with 4.61 billion, despite a slight erosion. World Liberty Financial's USD1 also climbs 1.97%, with approximately 87 million additional entries.

Then the game gets more nervous. Ethena's USDe regains 6.77%, after a period marked by painful exits. PayPal's PYUSD advances 1.32%, while BlackRock's BUIDL gains 8.01%. USDG rose 9.63%, confirming the appetite for new dollar-backed crypto products.

The Western Union USDPT case looks like a spectacular queen move: +597,568% in seven days. However, its capitalization only reaches $1.5 million. The number is striking, but the room remains tiny.

The old finance tests the ground, without overturning the chessboard.

MiCA pushes the euro, but the dollar still retains the queen

Europe is also trying to move its parts with MiCA. Euro stablecoins more than doubled after the deployment of the European regulatory framework. Their capitalization reached around $500 million in May 2025, then 680 million according to Decta.

Token Terminal even reports an on-chain record of 774.2 million as of May 13, 2026. Ethereum accounts for 66.2% of this supply, confirming its role as a dominant infrastructure.

However, the gap with the dollar remains violent. Euro stablecoins remain tiny compared to the hundreds of billions controlled by USDT and USDC. On the other hand, volumes are growing quickly. Decta reports monthly transactions increasing almost ninefold, up to $3.83 billion.

EURC and EURCV particularly benefit from this clearer regulation. In the same setting, tokenized assets rise to 26.7 billion, brought by tokenized Treasuries to 16.2 billion. The market is preparing programmable finance, with reserves, yield and compliance on the same box.

Boxes to watch out for on the board

• Global stablecoin market: over $323 billion currently;
• USDT dominates with nearly 190 billion capitalization;
• USDS is quickly approaching the strategic threshold of 10 billion;
• Euro stablecoins: on-chain record above 774 million;
• Tokenized Treasuries: 16.2 billion, or 60.4% of the sector.

Christine Lagarde, however, refuses to treat stablecoins as a simple nice innovation. The President of the ECB especially fears a private digital dollar that is too powerful. Its antidote remains the digital euro, designed as a public barrier against the tide of dollarized tokens.