According to DefiLlama data, the total stablecoins market capitalization slipped by 0.26% this week, settling at $309.298 billion and continuing to register a historical high for on-chain liquidity. The modest weekly dip reflects routine rebalancing amid shifting macro signals, while the overarching trend remains supportive of stability‑focused liquidity streams across exchanges and DeFi protocols.

Meanwhile, USDT dominance stands at 60.23%, reaffirming Tether’s leadership in funding markets and cross‑chain settlements. The concentration highlights the central role of the largest stablecoin in liquidity provisioning, collateral velocity, and market depth. As the sector navigates regulatory scrutiny and evolving risk metrics, stablecoins—led by USDT—continue to serve as a critical barometer for macro‑crypto liquidity.