Stablecoin market cap hits record — $268B and climbing

Total stablecoin float crossed $268B in April. USDC and USDT are still 78% of it; the structural shift is in the new tier.

Total stablecoin market cap crossed $268B in April 2026 — a new all-time high and up 31% YTD. USDC and USDT still control 78% of the float between them. The structural shift is in the new tier underneath them: Stripe USDB, PayPal USDP, Circle EURC and the new Japan-licensed JPYC are all printing meaningful supply growth.

The volume that matters is on-chain payment usage, not exchange float. Stablecoin payment volume on Solana, Base and Tron crossed $42B in April — a new monthly record. The merchant rail thesis is finally materializing in the data.