Total Stablecoin Market Cap Hits Record High of $312.4 Billion, Sky's Stablecoin USDS Quickly Rising

BlockBeats News, March 10th, according to DefiLlama data, the total market value of stablecoins across all chains hit a record high, currently standing at $312.4 billion, a 1.18% increase in the past week. USDT holds a market share of 58.9%, while USDC holds 25%. Sky's stablecoin USDS has seen a dramatic 26.7% increase in circulation in the past month, with a current market value of $7.92 billion and a market share of 2.5%. Sky Protocol recently hit a daily protocol fee of up to $1.1 million, with a daily protocol revenue of $600,000 and an annualized protocol revenue of $211 million.

According to stablewatch data, the current supply of yield-bearing stablecoins has exceeded $21.5 billion, accounting for approximately 6.88% of the total stablecoin market value. Sky's sUSDS has emerged as a strong player, with a seven-day TVL growth of 14.6 to $6.06 billion, ranking first among yield-bearing stablecoins. Ethena's sUSDE TVL of $3.53 billion ranks second.