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As of April 2026, the total market capitalization of global stablecoins reached $285.0 billion, a new all-time high, up +42% compared with the end of 2025. Of this total, USDT accounts for 68%, USDC accounts for 18%, and PYUSD accounts for 5%.
The stable and sustained growth of stablecoin market value—judging from the Bitcoin bull markets of 2025 and 2026—has nothing to do with altcoins or the so-called “altcoin season.” It is related to demand for convenient financial settlement, the development of RWA, and the development of Bitcoin.
So don’t keep using the stablecoin market value hitting an all-time high to prove this market has plenty of money, and then delude yourself by fantasizing about an altcoin season.