Fiat-backed stablecoins constitute the primary on-chain liquidity rail. As of October 24–25, 2026, the total stablecoin market approaches $295–301 billion. Ethereum:0xdac17f958d2ee523a2206206994597c13d831ec7 (Tether) holds approximately 60–61% of market capitalization, while Ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 (Circle) represents about 23–24% (~$71–73 billion). Solana:HzwqbKZw8HxMN6bF2yFZNrht3c2iXXzpKcFu7uBEDKtr (Circle’s euro-pegged stablecoin) remains marginal in absolute size (~$500–507 million) but dominates the euro segment (~60% of a €500–850 million euro-stablecoin market).
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