Stablecoin Market Cap Hits $294B ATH as New Issuers Enter the Arena

The stablecoin market just marked another all-time ￰0￱ market capitalization now stands at $294 billion, The majority of these tokens continue to circulate on Ethereum, cementing its place as the backbone of the stablecoin ￰1￱ this growth isn’t just about the old giants like USDT and ￰2￱ entrants are making waves with innovative models and fresh incentives for users. Let’s take a closer look at the latest ￰3￱ Stablecoin Market Cap just hit a new ATH of $294 BILLION Guess where most of those stablecoins live? You guessed it: Ethereum ￰4￱ — ￰5￱ ᵍᵐ (@CryptoGucci) September 24, 2025 USDH Launches on Hyperliquid Native Markets has officially rolled out USDH, a fully backed stablecoin pegged to the ￰6￱ token is now live on Hyperliquid with a USDH/USDC trading pair already seeing more than $2.2 million in early trading ￰7￱ reserves behind USDH are managed through a hybrid ￰8￱ comes from cash and short-term ￰9￱ bonds, while transparency is maintained through oracle ￰10￱ initial mix of off-chain and on-chain allocation ensures liquidity and ￰11￱ RA MẮT STABLECOIN USDH USDH đã ghi nhận hơn 2 triệu USD khối lượng giao dịch ngay trong giai đoạn đầu Được bảo chứng bằng tiền mặt và trái phiếu kho bạc Mỹ ngắn hạn, USDH nhằm giảm sự phụ thuộc vào các stablecoin bên ngoài như USDC,… ￰12￱ — ThuanCapital (@ThuanCapital) September 24, 2025 The issuer has also mapped out a yield-sharing model: 50% of reserve yields will be used to buy back HYPE ￰13￱ remaining 50% will support Hyperliquid’s ecosystem ￰14￱ Hyperliquid, this launch is a step toward reducing reliance on USDC, which still represents over 90% of total ￰15￱ could help diversify liquidity on the platform and create new demand for the HYPE ￰16￱ stat: USDH has already generated over $2 million in trading activity since launch. 1/ USDF is @Aster_DEX 's native ￰17￱ earn airdrop points for holding the ￰18￱ dive into the metrics of this ￰19￱ — Pine Analytics (@PineAnalytics) September 24, 2025 USDF Supply Explodes on Aster DEX Another stablecoin gaining attention is USDF, the native token of Aster ￰20￱ USDH, USDF is directly tied to user incentives,holders earn airdrop points simply for holding the ￰21￱ supply growth has been nothing short of ￰22￱ nine days ago, total supply hovered around 34 million USDF.

Today, it has surged to nearly 250 million, marking an increase of more than 220 million in under two ￰23￱ the distribution tells a different ￰24￱ to data: 83% of USDF remains in the project treasury. 8.7% is staked as auUSDF. 6.8% is held by other protocol ￰25￱ plays a key role in USDF’s ￰26￱ can convert their USDF into auUSDF, which not only earns extra points but also provides ￰27￱ present, auUSDF is trading at 1.042, translating to an implied 7.5% APY over the last five ￰28￱ recent activity shows wallets buying USDF primarily to farm Aster DEX points, before depositing them directly on the ￰29￱ mix of incentives has fueled rapid supply expansion while anchoring liquidity within the ￰30￱ stat: USDF supply jumped 7x in just over a week, from 34M to ￰31￱ Enters the Stablecoin Race with KZTE It’s not just DeFi protocols experimenting with stablecoins.

Nation-states are beginning to make their mark ￰32￱ National Bank of Kazakhstan (NBK) has launched a pilot program for KZTE, a tenge-backed ￰33￱ inside NBK’s regulatory sandbox, KZTE is being issued on Solana by licensed exchange Intebix, with support from Mastercard and Eurasian ￰34￱ marks the first national tenge stablecoin to hit a ￰35￱ launches Stablecoin $KZTE pegged to the Tenge! The National Bank of Kazakhstan @Nationalbank_KZ has kicked off a pilot program to issue the tenge-backed KZTE stablecoin on Solana, developed within its regulatory sandbox for digital ￰36￱ by licensed… ￰37￱ — Crypto Miners (@CryptoMiners_Co) September 24, 2025 The pilot introduces a few key benefits: Seamless fiat-to-crypto exchange with KZTE ￰38￱ crypto card settlement via Mastercard ￰39￱ digital asset access for Kazakhstan’s retail and institutional market.

A significant step toward NBK’s goal of modernizing payment ￰40￱ choosing Solana, the initiative gains access to high-speed, low-cost transactions, which makes sense for a retail-friendly ￰41￱ Mastercard in the mix, KZTE is positioned for real-world payments and cross-border ￰42￱ move also signals Kazakhstan’s intent to carve out a role in the global stablecoin race,not just as a miner-friendly hub, but now as a player in blockchain-based ￰43￱ stat: KZTE is the first stablecoin pegged to the Kazakh tenge issued under a national pilot ￰44￱ These Launches Matter Stablecoins remain the backbone of crypto markets, accounting for nearly every on-chain dollar transaction, lending protocol, and DeFi yield ￰45￱ rise to $294 billion market cap shows they are not slowing ￰46￱ the entry of new players like USDH, USDF, and KZTE highlights the evolution of this space: USDH is focused on decentralizing liquidity within trading venues while tying yields back to governance tokens like ￰47￱ reflects how DeFi projects gamify liquidity through airdrops and staking incentives, driving rapid supply ￰48￱ represents a government’s attempt to merge fiat and crypto payments under a regulated ￰49￱ mix of private issuers, DeFi-native tokens, and state-backed experiments suggests stablecoins are becoming more diverse in purpose and ￰50￱ still hosts the lion’s share of stablecoin activity, but ecosystems like Solana, Hyperliquid, and Aster DEX are carving out ￰51￱ it’s new collateral models, reward mechanisms, or direct fiat integration, the stablecoin market is moving beyond its USDT/USDC ￰52￱ the market cap pushes into new record territory, expect even more issuers,both private and state-linked,to step ￰53￱ new launch tests how stablecoins can evolve from just a crypto dollar to something that underpins financial systems at scale.

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