Lifetime Peak — Stablecoin Market Explodes Past $280B as Ethena’s USDe Rockets Past $12B

According to metrics, the stablecoin economy has crossed the $280 billion range for the first time in history.

Stablecoins Shatter Historic $280B Milestone With $3 Billion Added Overnight

Defillama.com stats show the total stablecoin market cap now sits at $283.31 billion, climbing $6.99 billion (+2.53%) over the past week, and $3 billion of that was from yesterday alone. Tether ( USDT) remains the clear heavyweight, commanding $168.43 billion with a 0.93% gain this week.

Metrics via defillama.com on Aug. 29, 2025. On the other hand, while stablecoins as a whole hit the $280 billion mark on Aug. 28, USDT’s dominance is now below the 60% threshold at 59.45%. USDC follows tether with $70.38 billion, enjoying the strongest growth among the top ten at 5.57% in seven days a $3.71 billion addition.

Ethena’s USDe comes in third with a $12.28 billion market cap and a solid 4.44% weekly rise. This means USDe swelled by $521 million over the seven-day run. Further down, Sky’s DAI logged the week’s sharpest growth among top names, up 9.97% to $5.26 billion, showing renewed demand for the older Sky stablecoin.

The DeFi project’s sky dollar (USDS), in contrast, slipped slightly with a -1.03% drop to $4.53 billion. Lower positions in the top ten, such as World Liberty Financial’s stablecoin (USD1) and Blackrock’s BUIDL hold $2.48 billion and $2.38 billion, respectively, each nudging modestly higher this week.

Ethena’s USDTb is at $1.46 billion with a 0.80% gain, while Falcon Finance’s USDf dipped -1.24% to $1.23 billion. Paypal’s PYUSD finished the week stronger, up +2.30% at $1.19 billion. Altogether, the fiat-pegged token market’s steady expansion highlights continued demand for stablecoins.