Stablecoins have passed 300$ billion — and almost all of it is dollars outside banks. $USDT and $USDC hold a duopoly, with $BTC around 80 500$.
Numbers. Shinhan Investment Securities (report 20 Sep): global stablecoin capitalization ~305,6$ billion, ~99% pegged to the US dollar; $USDT + $USDC ≈ 85% of the market. DeFiLlama check now: ~304,9$ billion total, $USDT ~183,3$ billion (~60%), $USDC ~74,3$ billion — together ~84–85%. IMF: in 2021–2025, more than 70% of large stablecoin conversions to/from fiat came from non-dollar currencies — this is demand for dollar-denominated money as a way around local inflation and banking barriers, not “yet another stablecoin for traders”.
My take: the market isn’t about experimentation anymore — it’s a shadow-dollar infrastructure concentrated among two issuers. After CLARITY/Fed, this matters more than any alt hype: whoever writes the rules for $USDT/$USDC writes the rules for on-chain dollars. For $BTC, the background is neutral: liquidity in pairs exists, but systemic risk is also growing with the size.
Question: with 300$+ billion and 85% in two players’ hands — is the next catalyst bank-issued stablecoins or a hard US regime for the existing ones?
$USDT $USDC $BTC #Bitcoin #Stablecoins
Numbers. Shinhan Investment Securities (report 20 Sep): global stablecoin capitalization ~305,6$ billion, ~99% pegged to the US dollar; $USDT + $USDC ≈ 85% of the market. DeFiLlama check now: ~304,9$ billion total, $USDT ~183,3$ billion (~60%), $USDC ~74,3$ billion — together ~84–85%. IMF: in 2021–2025, more than 70% of large stablecoin conversions to/from fiat came from non-dollar currencies — this is demand for dollar-denominated money as a way around local inflation and banking barriers, not “yet another stablecoin for traders”.
My take: the market isn’t about experimentation anymore — it’s a shadow-dollar infrastructure concentrated among two issuers. After CLARITY/Fed, this matters more than any alt hype: whoever writes the rules for $USDT/$USDC writes the rules for on-chain dollars. For $BTC, the background is neutral: liquidity in pairs exists, but systemic risk is also growing with the size.
Question: with 300$+ billion and 85% in two players’ hands — is the next catalyst bank-issued stablecoins or a hard US regime for the existing ones?
$USDT $USDC $BTC #Bitcoin #Stablecoins