The total stablecoin supply has reached a new annual peak of $304 billion, marking almost 5% increase in October and the highest level recorded in 2025, according to new data from Token Terminal shared by Bitcoin.com News. The steady rise underscores accelerating liquidity growth across the crypto market, driven by robust issuance from major players including Tether (USDT), Circle (USDC), and Ethena (USDe).
The chart data reveals that Tether continues to dominate the stablecoin sector, maintaining its position as the largest issuer and accounting for roughly two-thirds of total circulating supply. However, the recent expansion has been broadly distributed, with noticeable growth in Circle’s USDC and the emerging Ethena USDe, whose rapid adoption in DeFi markets has added tens of billions to the total supply this year.
New entrants such as PayPal’s PYUSD, Ripple’s USD-backed stablecoin, and Global Dollar Network have also contributed to the sector’s steady climb, signaling diversification in issuer base and user demand. Analysts suggest that the expansion reflects a combination of rising on-chain activity, increased institutional integration, and a broader shift toward stablecoin-based settlement across multiple blockchains.
With liquidity tightening in traditional markets, the surge in stablecoin circulation suggests that crypto investors are positioning capital for renewed market activity, a trend that could set the stage for stronger digital asset inflows in late 2025.