The market value of dollar-pegged cryptocurrencies has more than doubled in 2025, reaching about $270 billion from roughly $130 billion in January 2024, according to blockchain analytics firm Token Terminal. Ethereum and Tron account for around 90% of outstanding supply, while Solana has become the third network with more than $10 billion in stablecoins. Concentration in the sector remains high: data show that Tether, Circle, Ethena and Sky collectively issue about 96% of all stablecoins. Twelve of the 20 largest deployments run on Ethereum, underlining the network’s dominance in providing on-chain dollar liquidity. Adoption is accelerating in emerging markets. Research platform Dune estimates that residents and businesses in Latin America have moved more than $50 billion via stablecoins such as USDT and USDC, seeking relief from volatile local currencies and high transfer fees. The broader tokenization trend is gathering pace alongside stablecoins. Assets under management in tokenized funds have risen roughly ten-fold since January 2024 to about $7.5 billion, with Ethereum controlling close to 65% of that market and maintaining a lead of roughly $4 billion over second-placed zkSync Era.