Tether’s grip on stablecoins weakens as $320 billion market spreads to new issuers
The stablecoin market surpassed $320.007 billion on April 16, 2026, following $2.54 billion in seven-day inflows. Tether’s USDT holds $185.463 billion, or 57.96% of the market, down 2.5 percentage points from 60.46% earlier in 2026. Circle’s USDC increased by $431 million over seven days, reaching a market capitalization of $78.621 billion. The top five stablecoins—USDT, USDC, USDS, USDe, and DAI—collectively account for $283.097 billion, or 88.47% of the total market. New entrants including PayPal’s PYUSD, BlackRock’s BUIDL, and World Liberty Financial’s USD1 are gaining traction as demand broadens beyond dominant issuers. Capital is shifting toward diversified dollar-denominated tokens across centralized and decentralized platforms, signaling a structural change in stablecoin demand.
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