@circle had the strongest week of any stablecoin issuer. USDC added $1.1B in market cap over the past seven days, roughly 2.5x Tether's USDT at $446.3M. At issuer level Circle grew by $1.0B, more than double @Tether’s $445.2M, even though Tether holds around 61% of total supply to Circle's 25%. Behind the two leaders, @SkyEcosystem added $151.8M through USDS, and @Ripple's RLUSD (+$112.6M) and @ethena’s USDe (+$107.7M) also passed $100M in growth.
Traditional banks are also starting to show up in the rankings. Crédit Agricole made the top 10 issuers, adding $39.0M through EURXT, the only euro stablecoin among the ten fastest-growing assets. Overall, though, dollar-pegged stablecoins still accounted for about 98% of all growth, adding $2.0B against $30.9M for euro stablecoins. Australian dollar, Japanese yen and Turkish lira stablecoins each added between $360K and $1.5M, while Canadian dollar and Mexican peso stablecoins dipped slightly. Total stablecoin supply now stands at $302.5B, up 1.4% over 30 days.
Most of that new supply went to three chains. @solana led with $1.0B in stablecoin growth, followed by @ethereum at $737.0M and @HyperliquidX at $422.4M. Together they made up nearly 90% of the top 10's combined growth, with @BNBCHAIN and the XRP Ledger each under $80M.
@BNBChain was far ahead on new wallets, adding 985K stablecoin holders, more than half of the top 10's total and almost 5x the next chain. @base came second with 202.5K, followed by @Celo at 168.9K and @trondao at 143.4K. Circle's new Arc chain added 109.1K holders in its early weeks, putting it ahead of both @solana and @arbitrum at around 100K each.
By asset, USDT added 845.9K new holders, about 62% of the top 10's holder growth, with USDC second at 390.8K. Circle's euro stablecoin EURC added 69.8K, the strongest showing of any non-dollar stablecoin. At issuer level, Tether (+814.2K) and Circle (+452.5K) together accounted for roughly 95% of new holders. After them growth falls away quickly: @Paxos added 21.8K, @phantom 18.6K, and @Polymarket made the list with 3.3K new holders of its pUSD stablecoin. Ethena stood out for the opposite reason, adding just 800 holders despite growing by more than $100M in market cap, which points to a small number of large holders rather than broad retail uptake.
The currency split for holders was just as lopsided. Dollar stablecoins added 1.3M holders and euro stablecoins 69.3K. Below those two, Latin America dominated: six of the top 10 currencies came from the region, led by the Argentine peso (+1.0K) and followed by the Chilean, Colombian and Mexican pesos, the Peruvian sol and the Brazilian real. The numbers are small, but they suggest local-currency stablecoins are starting to find users across LatAm.
Onchain activity was heavy all week, with $1.4T in stablecoins changing hands. DAI led transfer volume growth, up $2.4B, just ahead of RLUSD at $2.2B. That made Ripple the top issuer by transfer volume growth, more than 3x the next name. Euro stablecoins were again more active than their supply would suggest. EURXT added $610.2M in transfer volume, making Crédit Agricole the second-largest issuer by transfer growth. Fellow French bank Société Générale followed with $64.5M through EURCV, so two traditional banks made the top 10. @SoFi's SOFID and @LiquityProtocol's BOLD each added just over $100M, alongside newer names such as USDai, United Stables, Saturn and @lista_dao.
Across chains, @Optimism led transfer volume growth with $7.1B, well ahead of HyperEVM at $4.0B and Arbitrum at $3.6B. The XRP Ledger added $1.2B, while newer networks @monad (+$707.6M) and @XLayerOfficial (+$549.5M) both came in ahead of @avax. @StellarOrg, @injective and @SeiNetwork completed the top 10.
Taken together, dollar stablecoins are still growing and Circle is gaining share week on week. At the same time, euro stablecoins, banks and local-currency tokens in emerging markets are becoming more active.
Via @tokenterminal