April 06, 2026 – The dollar-pegged crypto sector logs another week of growth. Sky’s USDS surges 9.57%. Tether plans its first full audit. Here is what the data reveals.
In Summary
Total stablecoin market cap reached $317.134 billion on April 4, 2026.
Weekly inflows totaled $1.242 billion across the sector.
Sky’s USDS led the gainers with a 9.57% weekly surge and $779M in new capital.
Tether dominates with a 58.04% market share and is pursuing a full KPMG audit.
Authentic weekly settlement volume reached $508 billion, reflecting real-world use.
The global stablecoin market crossed a new threshold on Saturday. DeFiLlama data puts the total market cap at $317.134 billion as of April 4, 2026. Weekly inflows reached $1.242 billion. Growth continues despite broader pressure in the crypto market.
Tether Still Rules With a 58% Market Share
Tether’s USDT remains the sector’s dominant force. It holds a $184.076 billion valuation. Its 58.04% share is virtually unchanged week over week. USDT’s weekly change was just 0.03%. That reflects stability rather than momentum, but stability at a massive scale.
Tether is also making a significant move toward transparency. The firm recently announced plans to hire KPMG for a full financial audit of its USDT reserves. This is a major step. It could unlock institutional capital currently waiting on the sidelines. Regulated funds have long cited audit concerns as a barrier to exposure to USDT.
USDC Posts the Steepest Drop Among Top Ten
Circle’s USDC holds second place with a $77.42 billion market cap. However, it recorded a 0.39% weekly decline. That translates to more than $304 million in outflows. USDC’s drop was the sharpest among the top ten stablecoins. The timing is significant. Circle is navigating a high-profile IPO process. Sustaining or recovering market share will be critical to its public market narrative.
Sky’s USDS Surges 9.57%, The Week’s Clear Winner
Sky’s USDS delivered the week’s standout performance. The token jumped 9.57% in seven days. It added over $779 million in fresh inflows. Its market cap now stands at $8.924 billion. USDS currently ranks third in the entire stablecoin market.
Sky’s DeFi ecosystem continues to attract capital at a pace. The platform’s rebrand from MakerDAO appears to be working. Yield incentives and improved integrations are drawing liquidity. DAI, Sky’s older stablecoin, also performed well with a 2.99% weekly gain and a $4.691 billion market cap.
Ethena’s yield-bearing USDe ranked fourth at $5.888 billion. It dipped just 0.26% for the week. Together, the top five assets account for 87.1% of the $317.134 billion total market.
$508 Billion in Authentic Settlement Volume
Volume data adds important context to the market cap numbers. Crystal Intelligence reports $1.96 trillion in gross stablecoin transfer volume last week. Of that, $508 billion represents authentic settlement activity. This figure strips out bot transactions and wash trading. It reflects genuine economic use, payments, DeFi protocols, and exchange settlements.
A $508 billion weekly settlement figure is significant. It underscores stablecoins as infrastructure, not just speculative assets. Real economic actors are using them at scale.
What Investors and Analysts Should Watch
The stablecoin sector shows no signs of slowing down. Several near-term catalysts could drive the next wave of inflows. Tether’s audit outcome is the most-watched development. The KPMG report would be a significant confidence signal. It may push USDT further above its already dominant market position.
USDS’s rapid ascent also warrants attention. If Sky’s growth rate continues, it could challenge USDC’s second-place position within months. Watch for Circle to announce new product integrations or yield features to defend its market share.
Regulatory clarity in the US and EU remains a critical catalyst for the broader market. Stablecoin legislation in either jurisdiction could trigger a new leg of institutional inflows. The $317 billion milestone may look modest in retrospect if that regulatory clarity arrives.
