🚨 The map of dollar-pegged stablecoins has been reshuffled again by the “group,” with the top ten on the growth leaderboard—and surprisingly, that 61% mega-monster isn’t even there!

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👀 The newly released Q3 report from the RWA Foundation shows that by October 1, the total market size of this track surpassed 300.9 billion. It spans 195 assets, 152 issuers, and 47 on-chain networks. The number of holding addresses has also climbed to 308.4 million.

📊 Where is the money flowing?
Over the past 90 days, Circle’s market cap grew by $915 million. Ripple followed with a gain of $765.3 million, while United Stables added $474.2 million. Meanwhile, in the opposite direction, Tether alone shrank by $207.7 million. USDT still accounts for 61% of total supply, but it has dropped out of the top ten growth ranking.

🔥 The real anomaly is here: the fastest movers aren’t the giants—RLUSD, at only 0.8% of supply, and United Stables’ U at just 0.5%, still rank second and third in growth. The money didn’t run out; it’s just changing where it sits.

💡 What’s really worth watching isn’t how much the total has grown, but that incremental growth is shifting from “one big winner” toward “many strong share-feeders.” Whose redemptions and settlements are smoother, and whose on-chain use cases are more abundant, will slowly eat away at everyone else’s 61%.

⚠️ Let me be blunt: don’t rush to say the landscape has changed. The 61% is based on supply, and in the short term nobody can knock it over. The newcomers’ high growth is mainly because the base is small—when the tide recedes, the first ones often pushed out are them.

👀 So who are you more bullish on in this wave: keeping USDT like a veteran giant, or positioning early for something small but fast like RLUSD? Which side are you on? Drop your pick in the comments below 👇

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#稳定币 #USDT #Circle #RLUSD