The global stablecoin market recorded another historic triumph, with its total value surpassing the psychological $323 billion mark. Over the past month, the key driver of this rally has been Tether's USDT token, which has demonstrated a steady increase in market share. Meanwhile, most of the leader's direct competitors have seen a noticeable decline in volumes, although Circle's USDC coin still dominates the overall transaction activity in the blockchain space.

According to Defillama's latest analysis, the flagship USDT currently accounts for approximately 59% of the segment, while its main rival, USDC, holds approximately 24%. USDS, a distant third with a share of less than 3%, is the Sky platform's USDS (formerly known as MakerDAO). Following closely behind, with almost equal results at around 1.5%, are USD1, a token created by Donald Trump's family's crypto project World Liberty Financial, Spark's DAI coin, and Ethena's USDe. They are followed by PayPal's PYUSD, which controls just over 1%. Over the past 30 days, USDT has strengthened its position by almost 2%, while USDS and USD1 have jumped by 5% and 10%, respectively. Conversely, USDC has lost 1.5% of its market capitalization, while PYUSD and USDe have fallen by 15% and 25%, respectively. This, against the backdrop of an overall modest market growth of just 1%, indicates a large-scale transfer of funds within the industry rather than an influx of new capital.

Ethena's USDe has demonstrated particularly weak performance this year, due to its unique architecture. Unlike traditional stablecoins backed by fiat reserves or government bonds, this asset relies on complex trading positions in DeFi services and crypto exchanges. Experts note the ineffectiveness of the investment strategies used in the current market parity between optimists and pessimists, which has deprived the project of its previous high returns and triggered a massive outflow of investors. Notably, these processes are unfolding against the backdrop of the approval of the important CLARITY Act by the US Senate Banking Committee. Since the key debate surrounding the bill concerns the mechanisms for generating income for coin holders, market participants are exercising caution. Due to doubts among Wintermute analysts about the imminent passage of the bill by the House of Representatives, capital is flowing from regulated US stablecoins to global decentralized instruments such as USDT or USDS.

A curious picture emerges when examining the coins' practical use: despite USDT supply approaching $190 billion, while USDC is around $77 billion, Circle's asset has taken the lead in transfer volume. According to Visa, USDC turnover has reached $377 billion since the beginning of May, compared to Tether's $322 billion. USDT, however, remains the clear leader in transaction volume, with 96 million transactions compared to its competitor's 37 million. In terms of activity distribution across blockchain networks, the hype surrounding Solana has died down, and the situation has returned to historical norms. In terms of transfer volume, Ethereum and Tron each captured 28% of the market, leaving Solana with 19%, and the Base network from Coinbase with 16%. Meanwhile, in absolute transaction volume, Binance's BNB Chain leads with a 35% share, ahead of Tron (25%) and Solana (10%).