The market capitalization of USDT, the largest stablecoin, hit an all-time high of $83.76 billion according to IntoTheBlock. However, other data aggregators reported that the asset had surpassed that level earlier this month. USDT has been one of the biggest winners in the crypto market since the COVID-19 pandemic, with its market capitalization increasing from $4 billion in January 2020 to over $83 billion as of writing.

Despite USDT's dominance, other stablecoins such as USDC, DAI, BUSD, TUSD, and USDP have also seen a spike in market capitalization, with the combined total reaching almost $125 billion last month.