Stablecoins reach new highs again. The total market capitalization of the entire stablecoin market has surpassed $310 billion, and this growth trajectory is truly astonishing—growing from less than $5 billion in 2018 to today’s 60-fold increase. According to data from Token Terminal and DeFiLlama, stablecoins are continuously injecting liquidity into the crypto ecosystem.

Market performance remains relatively stable. The volatility of mainstream cryptocurrencies is milder than before, indicating a change in investor sentiment. Investors are no longer rushing to chase gains or sell off in panic; instead, they are paying more attention to the safety of their funds and ease of use. This is a sign of the ecosystem maturing—it’s no longer just a frenzy of speculation but gradually building sustainable operational models.

USDT still dominates absolutely. As of December 24, USDT’s market cap reached $187 billion for the first time, accounting for over 60% of the total stablecoin supply. As the most core liquidity tool in centralized exchanges and DeFi ecosystems, USDT’s position remains unshakable.

ETH and Tron are the main platforms for stablecoins. The supply of stablecoins on the ETH network accounts for 54%, while Tron follows with 26%. Thanks to low transaction fees and high throughput, these two blockchains have become the preferred channels for stablecoin transfers and settlements, further enhancing their importance within the ecosystem.

Liquidity is in a buildup phase. Although the total market cap of stablecoins is rising, the corresponding increase in risk assets is not significant, reflecting a wait-and-see attitude among market participants. Liquidity has not fully activated yet; people are waiting for opportunities and quietly positioning themselves rather than rushing in. Overall market sentiment leans more towards patience than panic, leaving room for future major moves.