USDT Holds $189.8B, USDC at $76.9B Today; Stablecoin Use Still Dominated by Crypto Trading

According to independent analyst Markus Thielen on May 19, USDT market cap has reached $189.8 billion and USDC $76.9 billion, both showing long-term upward trends. However, stablecoin total market value has remained largely flat since Bitcoin entered a correction phase last October, indicating limited new capital inflows into crypto markets.

Thielen notes that despite widespread expectations of stablecoins replacing traditional payment networks, current usage remains concentrated on crypto trading and position management rather than mainstream payment applications. The analyst highlighted that while U.S. policy generally supports stablecoin development, a key factor is that reserve assets are typically reinvested in U.S. Treasury securities.