Stablecoin Market Cap Tops $200B as U.S. Sees Industry Helping Maintain Dollar Dominance

The market capitalization of the top five stablecoins has exceeded $200 billion, driven by U.S. Treasury Secretary Scott Bessent’s assurance that stablecoins will help uphold the dollar’s status as the world’s reserve currency. This growth reflects a $40 billion increase since the last U.S. presidential election, amid declining values in cryptocurrencies. Tether and USDC are leading the way, as the administration seeks to harness stablecoins to support U.S. Treasury yields and bolster global dollar dominance.