The stablecoin market has seen considerable growth in 2024, with the total market capitalization reaching approximately $208 billion as of December 22. Tether (USDT) remains the dominant player, commanding a market cap of $140 billion, which constitutes 67% of the total stablecoin market. Other notable stablecoins include Ethena’s USDE, which has grown to $5.93 billion, and Usual’s USD0, which has seen a 246% increase to $1.41 billion. Additionally, USDC on Arbitrum has recently surpassed Base, becoming the third-largest ecosystem for USDC, with a circulating supply of $3.5 billion, reflecting a 75% growth this month. The overall stablecoin market has expanded by 48% year-to-date, indicating a trend towards mainstream adoption, as stablecoins now account for 50% of blockchain activity, up from 5% in 2019. Tether's CEO, Paolo Ardoino, noted that the demand for USDT has surged alongside rising cryptocurrency prices, contributing to Tether's projected net profit of over $10 billion for the year.