Stablecoins are having a solid run lately. I noticed the total market cap hit around $309B recently, up nearly 1% from earlier in the period. What caught my attention is how much the market trend has shifted toward stablecoins while major crypto assets have been pulling back due to geopolitical noise.

USDAI's still the king with about 59% dominance, though its market cap dipped slightly to around $185B. But here's the interesting part - USDC has been gaining serious ground. Its market share by trading volume just hit a record 19.7%, and the total market cap climbed to roughly $78.7B. A lot of this came from FDUSD losing steam after a certain major exchange ended its zero-fee trading program for those pairs - trading volume dropped like 86.7%, which is pretty massive.

EURC's performance in the euro stablecoin space is wild too. It now controls 62.1% of that market, with its cap sitting around $420M. The euro stablecoin market trend is clearly consolidating around this one player.

Beyond stablecoins, tokenized assets are also on an upward trajectory. The total market hit $23.35B by late February, up 22.9% from January. Tokenized treasuries and commodities are leading the charge. Interesting times in the stablecoin and tokenized asset space right now.