Stablecoin Market Grows 42% in 2025, USDC Gains Share: JPMorgan
The stablecoin market has grown by 42% year-to-date, reaching nearly $300 billion. This growth outpaces the broader crypto ecosystem, which has seen a 21% increase.
Stablecoins now represent about 7.5% of the total $3.8 trillion crypto market cap and approximately 1.3% of the U.S. M2 money supply.
The U.S. GENIUS Act, enacted on July 18, has accelerated the adoption of stablecoins, with the market cap increasing by 19% since its signing.
Circle's [USDC](https://holder.io/coins/usdc/) has increased its market cap significantly in Q3, rising from $61.5 billion to $73.7 billion, capturing a 25.5% share of the stablecoin market.
[Tether](https://holder.io/coins/usdt/) has seen a decline in dominance, dropping from 67.5% to 60.4% of the market share.
Ethena’s synthetic stablecoin USDe has gained a 5% market share, circulating $14.4 billion.
USDC is gradually reducing the duopoly with USDT, now holding nearly 30% of their combined market share, up from 24% at the start of the year.
JPMorgan analysts suggest the GENIUS Act could further favor Circle, although a more diverse market might benefit liquidity service platforms like Bullish.
