The total market capitalization of stablecoins has reached $322 billion, exceeding the foreign exchange reserves of more than 95 countries.

According to CoinDesk, the total market capitalization of stablecoins has reached a record $322 billion—exceeding the foreign exchange reserves of over 95 countries, including the UK, Canada, Poland, Thailand, Mexico, and the UAE. The report notes that stablecoins are primarily pegged to fiat currencies such as the U.S. dollar, with current market activity concentrated on USDT and USDC. Stablecoins are now widely used for cryptocurrency trading, DeFi settlements, and cross-border payments. The Bank for International Settlements (BIS) states that since 2022, cross-border stablecoin flows have grown significantly—particularly in regions experiencing high inflation and substantial exchange-rate volatility—while also potentially posing risks of capital outflows and domestic currency depreciation.