Stablecoin market hit ~$300B. USDT + USDC still dominate at 86.7%, down slightly from 90.2% a year ago.

> Top 2 grew 29% ($203B→$261B), but all other stablecoins combined grew 82% ($22B→$40B). A group that held 10% of the market a year ago captured 24% of new capital inflows.

> 1Y net flows tell the story. USDT +$44.6B, USDC +$18.2B, then USD1 +$4.3B (from zero), USDS +$3.6B, PYUSD +$3.5B, DAI +$2.3B, USDG +$1.7B, USDf +$1.6B. 6 stablecoins outside the top 2 each attracted over $1B in 12 months, each through a different distribution channel, from political networks to exchange revenue-sharing to fintech onramps.

> Transfer volume ($10.2T/month, +9.7%) and active addresses (55.17M, +15.2%) are growing while 30-day supply is flat (-0.08%). The same $300B is circulating faster. Stablecoins are shifting from idle reserves to active payment and settlement infrastructure.

> 242M holders globally, 105 stablecoins tracked. The market is fragmenting as each new entrant targets a different use case.