- USDC accounted for about 80% of the net 30-day decline across 13 large stablecoins as of October 25.
- Circle’s token shed $4.69 billion over the month to a $71.743 billion market cap.
- Total stablecoin market cap fell to $300.36 billion, down $12.73 billion since May 22.
As of Oct. 25, Circle’s USDC made up around 80% of the net 30-day drop among the 13 largest stablecoins, according to monthly DeFiLlama figures.
Circle’s token lost $4.69 billion in the month.
The 13 tokens lost $5.82 billion in net value. USDC’s market cap was $71.743 billion, down $878.72 million just in the last week.
Tether gives up $1.29 billion and keeps a 60.74% share
The total stablecoin market declined to $300.36 billion on Oct. 25. DeFiLlama data shows it has lost $12.73 billion since May 22.
Tether’s USDT fell less over the month. It had a market cap of $182.423 billion, down $1.29 billion in 30 days, down $990.43 million in 7 days and still possesses 60.74% of the market.
The seven-day shrinkage across the 15 largest stablecoins was about $1.90 billion.
Ethena’s USDe fell $305.61 million over the month. World Liberty Financial’s USD1 declined $444.67 million, or 10.10%.
Falcon’s USDf added $511.16 million, a 42.32% increase, while PayPal’s PYUSD added $239.53 million in the same 30-day period.
Tokenized Treasuries shed $1.55 billion since August
Minting stablecoins generally increases supply, while redeeming them for fiat diminishes it, potentially pulling money that might otherwise have gone into buying Bitcoin or Ether.
Supply grew during the 2020-2021 bull market and shrank after Terra’s collapse in 2022, which just so happened to coincide with a protracted crypto bear market. Bitcoin is trading near $80,000, far off its October 2025 record of around $126,000.
Tokenized U.S. Treasury products like BlackRock’s BUIDL and Ondo’s USDY also shrank, declining from $16.2 billion on Aug. 12 to $14.65 billion on Oct. 25, according to data from rwa.xyz.
Those who hold the Treasury tokens can redeem them to buy stablecoins or risk assets or shift cash back into bank accounts. The combined fall was $1.55 billion.
Standard Chartered postponed its prediction of a $2 trillion stablecoin market from 2028 to 2030. The stall in supply growth is cyclical and tied to weak crypto markets, said Geoffrey Kendrick, the bank’s head of digital assets research, who noted supply has been stuck between $300 billion and $320 billion over the past year.
Circle is also defending the economics of USDC. Cryptopolitan reports that Circle’s October 16 blog post disclosed that ~$819 million, or about 59 cents on the dollar, of the company’s ~$1.4 billion revenue in the first half of 2026 went to firms distributing USDC and to transaction costs.
The post was seen as a reaction to Open USD, a rival token launched June 30 that promises free minting and redemption. The consortium behind Open USD says partners can keep all the interest its reserves earn, minus a small management fee.
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FAQs
How much has the stablecoin market lost recently?
The market has shed $12.73 billion since May 22, falling to $300.36 billion on October 25.
Which stablecoin drove most of the decline?
USDC, which lost $4.69 billion over 30 days, about 80% of the net decline among 13 large stablecoins.
Did any stablecoins grow during this period?
Yes. Falcon's USDf grew 42.32%, and PayPal's PYUSD added $239.53 million over 30 days.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Randa Moses
Randa Moses is an editor and reporter at Cryptopolitan covering tech, AI, robotics, crypto, scams, and hacks. She has worked in the crypto space since 2017. She held roles at Forward Protocol, AmaZix, and Cryptosomniac. Randa holds a degree in Electrical and Electronics Engineering from the University of Bradford.
