JP Morgan analysts report that the global stablecoin market has surged to approximately $289 billion, up 42% year-to-date, nearly double the broader cryptocurrency ecosystem’s 21% gain, positioning stablecoins as a growing share of both the crypto market and the U.S. money supply.
Get these headlines directly to your inbox: subscribe to Blockspace.
According to a September 30 note, stablecoins now represent roughly 1.3% of the U.S. M2 money supply, a 35 bps increase since the start of 2025. Stablecoins accounts for about 7.5% of the $3.8 trillion total crypto market cap. The passage of the GENIUS Act on June 18 appears to have accelerated this trend, with stablecoin capitalization climbing 19% in the wake of the new regulation.
Within this expanding ecosystem, JP Morgan believes USDC has emerged as the primary beneficiary. Its market cap grew to $74 billion by September 28, translating to a 25.5% share of total stablecoins (up from 21.5% at January 1 and 25.2% at June 30) while Tether’s USDT share dipped from 67.5% to 60.4% over the same period.
JPMorgan also highlights notable gains from Ethena’s synthetic stablecoin, USDe, which now commands a 5.0% share at $14.4 billion in circulation, marking a 2.8% year-to-date increase.
On distribution channels, USDC’s prominence is evident on major platforms. On Binance, USDC’s share of USDT/USDC stablecoin balances rose 1% month-over-month to ~22.1% as of September 1 (up from ~21.1% on August 1), more than doubling its 10.6% share on January 1. Meanwhile, a recent partnership between Circle and Kraken is expected to further extend USDC’s reach, though the economic terms remain undisclosed.
Read More: Why Tether is launching USAT, its U.S.-only stablecoin
JP Morgan concludes that regulatory clarity from the GENIUS Act and robust growth metrics position USDC for continued market share gains, while fragmented stablecoin offerings may benefit service providers like exchanges and brokerages that facilitate liquidity and trading services.
