#密码资产动态追踪 Total market capitalization of stablecoins surpasses $308.1 billion, reaching a new all-time high. What does this rally reflect?

Latest data shows that the entire stablecoin market size has stabilized at $308.11 billion. The most notable aspect is USDT's absolute dominance—accounting for 60.64% of the market share. In other words, more than sixty percent of circulating stablecoins are USDT.

What’s interesting about this concentration is that it not only reflects USDT's strong position as a liquidity benchmark but also hints at the market's reliance on a single asset. Although the week-over-week growth is only 0.13%, which seems modest, it’s important to note that this is on such a large base with steady inflows—indicating that institutional and individual demand for stablecoins remains strong, and funds continue to flow in.

From this perspective, the robust demand for stablecoins essentially reflects the activity level of the trading market. Cryptocurrency trading relies on stablecoins as a value anchor and trading medium; ample liquidity usually suggests there is still room for market operations.

However, it’s also worth considering—could the dominance of USDT pose a concentration risk? Might other stablecoins gradually take market share? Feel free to share your thoughts 👇