AI tokens rise against the trend, stablecoin trading volume hits a record of $1.8 trillion.

Written by: Cointelegraph

Translated by: AididiaoJP, Foresight News

Despite an overall decline in the cryptocurrency market in 2026, the performance of artificial intelligence (AI) and stablecoin sectors has outperformed the broader market. Relevant data shows that usage in these two areas continues to grow amid falling prices of other assets.

Key Points

• The AI sector recorded the smallest decline in the first quarter of 2026, at just 14%.
• The total market capitalization of stablecoins reached a historic high of $320 billion, with monthly trading volume hitting $1.8 trillion, also a historical peak.

AI and Stablecoin Sectors Defy the Trend

In 2026, Bitcoin’s price fell by 18.5%, and the total market capitalization of cryptocurrencies dropped to $2.42 trillion, with most altcoins lagging behind. The market is affected by concerns and uncertainties related to the U.S. and Israel-Iran conflicts, while the Federal Reserve maintains a hawkish stance, leading to an overall cautious sentiment.

In contrast, AI and stablecoin-related businesses continue to grow against the trend, demonstrating strong fundamentals and significant expansion, reflecting a shift in market focus from speculative behavior to infrastructure development.

Take USDC issued by Circle as an example; data from Token Terminal shows its supply has reached $78 billion, increasing by 220% since November 2023.

Meanwhile, the weekly active users of ChatGPT grew from 85 million in November 2023 to 900 million in March 2026, an increase of approximately 10 times during the same period.

(Chart: USDC Supply and ChatGPT Weekly Active Users; Source: Token Terminal)

Grayscale’s report for the first quarter of 2026 also confirms this trend. The report indicates that the AI sector had the smallest decline in the first quarter at 14%, while the consumer and culture sector declined by 31%, smart contract platforms dropped by 21%, and the currency sector also fell by 21%.

The digital asset management firm’s report states that this indicates “investor preference has shifted from momentum-driven, more speculative sectors.” The report further notes:

“Despite the overall market sentiment remaining subdued, capital has begun to concentrate on projects with stronger fundamentals that align with key themes like AI and tokenization.”

(Chart: All Sectors’ Returns in the First Quarter of 2026 are Negative; Source: Grayscale)

Currently, the total market capitalization of AI tokens is approximately $17.4 billion, having increased by 30% over the past 30 days. Among them, Bittensor and NEAR Protocol (NEAR) saw the most significant price increases of 75% and 30%, respectively.

(Chart: Market Capitalization of Major AI and Big Data Tokens; Source: CoinMarketCap)

In terms of stablecoins, their market size continues to expand. As of March 23, the total market capitalization of stablecoins reached a record $320 billion. Tether’s USDt continues to dominate, with a market cap of approximately $184 billion, accounting for 57% of the total supply of stablecoins.

In February 2026, the monthly trading volume of stablecoins reached $1.8 trillion, a historic high that is now comparable to traditional payment systems. USDC performed exceptionally well in terms of supply growth, with a month-over-month increase of 80%, and last month’s trading volume reached a historical peak of $1.26 trillion.

(Chart: Total Market Capitalization of Stablecoins; Source: MacroMicro.me)

Stablecoins are cryptocurrencies designed to maintain stable value, typically pegged to fiat currencies like the U.S. dollar, and can operate across multiple blockchains.

In a bear market environment, stablecoins serve as a reserve of purchasing power and a settlement channel, widely used in trading pairs, tokenized real-world assets, and yield-generating products. The transfer volume of stablecoins on Ethereum and other blockchains remains high, and institutional-grade products launched by banks and fintech companies are gradually integrating stablecoins for yield management and capital operations. Even in a downturn for speculative assets, the role of stablecoins as infrastructure remains solid.

“Structural tailwinds” drive the convergence of the two sectors

The reason why the AI and stablecoin sectors can thrive is that they continue to provide tangible value even after the speculative frenzy subsides.

Token Terminal points out: “AI labs and stablecoin issuers are among the companies with the strongest structural tailwinds in the 2020s.”

The crypto data provider further states that these two areas are at “the intersection of three forces: technology, finance, and geopolitics,” each independently bringing demand to these sectors. The report adds:

“AI is driving improvements in productivity and defense capabilities, and stablecoins provide the financial infrastructure for global dollar distribution.”

Crypto trader Mando CT posted on the X platform on March 24, stating that AI and stablecoins are two of the four dominant sectors in 2026.

While explaining the convergence trend of the two sectors, the trader pointed out that AI requires an immediate, low-fee payment system to support its operations, and stablecoins are the “internet currency” that achieves this goal.

Mando CT stated: “These trends are interconnected,” and added:

“2026 is not just another cycle turning, but a year of transition from speculation to infrastructure.”

According to Cointelegraph, stablecoins are expected to benefit from AI-driven payment scenarios, further driving long-term growth in both sectors by enabling convenient, automated, rule-based transactions between entities.