Stablecoin Market Cap Reaches All-Time High Amid Widespread Crypto Growth

Stablecoin market capitalization reached an all-time high in April amid strong performance across cryptocurrency sectors, CoinDesk Data said in a report released Friday (May 2).

After growing by 2.12% in April and seeing 19 consecutive months of gains, the stablecoin market cap reached $238 billion, according to the report.

This growth was outpaced by that of other cryptocurrency sectors in April, however, so the market share held by stablecoins declined from 8.64% in March to 7.88% in April, the report said.

The market cap of non-USD fiat stablecoins leaped 30% in April to reach $533 million. The report attributed the surge in demand to the volatility of the U.S. dollar that has been seen during the current U.S. tariff disputes.

“As confidence in the dollar wavers, demand for non-USD fiat stablecoins has accelerated,” the report said. “In addition, gold-backed stablecoins have also gained traction as investors seek alternative stores of value, buoyed by the precious metal reaching new all-time highs in April.”

Highlighting trends seen during April among the top 10 stablecoins, the report said the market cap of Tether (USDT) rose 2.26% to $148 billion, the market cap of USD Coin (USDC) rose 3.07% to reach its all-time high of $62.1 billion, and the market cap of First Digital Labs’ FDUSD dropped 46.2% to $1.25 billion after the stablecoin’s price lost its parity on April 2.

Stablecoins are quietly becoming financial infrastructure, PYMNTS reported April 30.

For example, in late April, Mastercard partnered with OKX and Nuvei to foster broader adoption of stablecoins, and Kraken introduced a solution to help financial institutions give clients access to crypto.

In addition, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act has emerged as a beacon of hope for crypto firms seeking clarity. If passed, it would be the first comprehensive framework in the United States for regulating stablecoins.

“There’s certainly a change in how the administration views the digital assets industry,” Dan Boyle, partner at Boies Schiller Flexner told PYMNTS in an interview posted April 23. “This is not a confrontational posture.”

Regulatory maturation, the real-world quest for stablecoin utility, and the institutionalization of digital assets mark a turning point in which the Wild West days of crypto are being replaced by a convergence with mainstream finance, PYMNTS reported April 23.