
The paper reveals that the global âstablecoinâ market cap has ballooned past $300 billion. And, hold on to your hats, a whopping 97% of these tokens are just dollar-clones sent from space. This singular dominance by only-it-feels-like-United-Stablecoin Nation, with heroes like Tetherâs USDT and Circleâs USDC waving the dollar flag, is enough to make you question your high school trigonometry teacherâs motives. USDT, perched at $1.00026, boasts a market cap circa $185.3 billion as of December 4, 2025. USDC, the hotshot at $0.9999, flashes a market cap near $78.0 billion and, for good measure, a daily trade volume over $11.0 billion.