Stablecoin supply crossed $294B, but structure matters more than size.

USDT still dominates with ~62% share, keeping liquidity concentrated, while USDC remains the only real competitor at scale.

USDS and USDe are growing on yield, while PayPal and Ripple push distribution with PYUSD and RLUSD. DeFi stables like crvUSD are still holding ground.
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