Markets
September 10, 2026
Gold’s $5,000 Bet Is Getting Bigger as $27 Trillion in Asset Managers Return
- The stablecoin market remains dominated by USDT and USDC, while USBDC signals growing stablecoin adoption among traditional banks.
- USDT and USDC continue to hold a major share of the market, leaving newer stablecoins with a much smaller portion.
- US Bank’s USBDC pilot shows how banks are exploring stablecoins for cross-border payments and other financial operations
The stablecoin market is now becoming extremely concentrated. The adoption race in the domain has become extremely competitive, with Tether’s USDT and Circle’s USDC dominating the market. However, a new bank-backed entrant is beginning to explore the growing stablecoin market. US Bank has recently announced that it has successfully completed a live pilot of USBDC. This development shows that stablecoin technology is moving beyond its traditional role in the cryptocurrency sector as banks begin testing it within their existing financial infrastructure.
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The Current Stablecoin Contenders
According to the latest Coin Bureau post, the stablecoin market remains heavily concentrated, with two major stablecoins holding the largest share. Tether’s USDT alone holds $183.4B, owning nearly 60% of the stablecoin market.
In addition to this, Circle’s USDC now owns nearly $74.5B in the market. Together these two stablecoins are accounting for $258B, leaving the other stablecoins to compete for a smaller share.
These numbers prominently show how USDT and USDC continue to lead the market pace. The gap is particularly noticeable further down the rankings, with DAI and Ethena’s USDe each holding less than $5B in market capitalization.
A New Stablecoin In Queue To Join
While the stablecoin market is predominantly heated, led by USDC and USDT, a new bank-backed entrant is in the queue to explore the rising stablecoin domain. US Bank has recently tested a live pilot of its USBDC coin. It is a proprietary US dollar-backed stablecoin designed for cross-border payments between North American and European entities.
The transaction ran on the Stellar blockchain while remaining connected to the bank’s existing finance, risk, compliance, and operations infrastructure. The pilot further tested functions such as minting, payment, redemption, freezing and clawback capabilities to test the stablecoin’s full lifecycle.
The bank later added that it is now exploring potential applications for USBDC in areas such as liquidity management, collateral mobility, and cross-border treasury operations.
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What This Means For The Market
One of the most striking parts of the stablecoin market momentum at present is that financial institutions are now trying to diversify.
The USBDC pilot is different from the traditional crypto-focused stablecoin model. Instead of simply creating another token for trading, US Bank is testing how a bank-issued stablecoin can move value on a public blockchain while remaining connected to existing banking controls. Stablecoins have long been linked to crypto trading and digital-asset markets, but banks are now exploring how dollar-backed tokens can fit into their existing financial infrastructure.
This development suggests that traditional banks are now exploring their own versions of the US dollar through stablecoin adoptions mechanisms and testing where these digital assets could fit into payments, treasury management and other financial operations.
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