Which stablecoins gained share this week?

TLDR

Tether (USDT) gained share this week, with dominance rising to its highest since April as risk aversion increased in crypto, per a market update (report).

1. Tether (USDT): dominance up, market cap around $184 billion (report).
2. USD Coin (USDC): net exchange inflows and fresh issuance point to rising usage (analysis).
3. Chain context: Trons share of stablecoin supply increased versus Ethereum, supporting USDT expansion (analysis).

Deep Dive

1. USDT Dominance

USDTs share of the stablecoin market increased this week, reaching the highest level since April.

1. Dominance rose as broader crypto sold off, a pattern where capital parks in dollar-pegged coins (market update).
2. The same update cites USDTs market cap near $184 billion, consistent with a flight-to-stablecoins during drawdowns (summary).

2. USDC Flows and Issuance

USDC showed rising activity via exchange inflows and recent minting.

1. Binance saw about $377 million USDT and $650 million USDC net inflows in 24 hours, and over $3 billion combined in seven days, signaling demand for both coins (exchange flows).
2. Over the past month, issuers minted more than $11.75 billion in USDT and USDC, including roughly $1 billion USDT in the last week, lifting total stablecoin supply to about $305.2 billion (issuance context).
3. On Solana, stablecoins total about $13.49 billion, with USDC commanding roughly 62.2% of that, showing network-level share strength (network data).

3. Chain Distribution Shift

Stablecoin distribution by chain shifted toward Tron, reinforcing USDTs overall share gains.

1. Ethereums share of stablecoin issuance slipped to about 55.55%, while Tron captured roughly 25.78% of a $302.17 billion stablecoin base, challenging prior dominance (chain shares).
2. Since USDT supply is heavily on Tron, this chain-level rotation aligns with USDTs rising aggregate share (chain shares).

Conclusion

USDT gained the most share this week, consistent with risk-off flows and its strong presence on Tron. USDC also showed momentum via exchange inflows and recent issuance, particularly on high-throughput networks. If risk conditions persist, expect stablecoin dominance to stay elevated, with USDT leading and USDC expanding in utility-focused segments.