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The stablecoin market, currently valued at $206 billion according to defillama.com, has experienced notable shifts, including growth in the first six days of 2025.
Nearly $4 Billion Vanishes as Tether and Ethena Decline in Early 2025
Among the top ten stablecoins, tether (USDT) and ethena usd (USDE) recorded significant outflows, collectively amounting to nearly $4 billion, or precisely $3.98 billion. Tether faced the most substantial decline, losing $3.79 billion from its peak valuation of just over $141 billion. As of Jan. 6, 2025, USDT’s market capitalization stands at $137.21 billion.
Ethena’s USDE, a yield-bearing stablecoin, similarly peaked on Dec. 19, 2024, the same day as USDT, with a market cap exceeding $6 billion. It has since decreased by $190 million, leaving the current market valuation of USDE at $5.81 billion. Meanwhile, two other stablecoins, USD0 and USDX, are climbing the rankings as their supplies expand.
Usual USD0’s market cap growth over the last 30 days.
Usual’s USD0 now ranks as the fifth-largest stablecoin by market capitalization, currently valued at $1.864 billion. On Dec. 31, 2024, USD0’s market cap stood at $1.62 billion, reflecting an inflow of $244 million. Issued by Usual Money, USD0 is fully backed 1:1 by real-world assets (RWAs), primarily ultra-short-maturity U.S. Treasury Bills. It is actively traded on decentralized exchange (dex) platforms such as Curve and Uniswap.
Similarly, Usdx Money’s USDX has demonstrated considerable growth. Now the ninth-largest stablecoin, it holds a market valuation of $585.23 million. Just a month ago, USDX’s market cap was $184 million, with $70 million of that growth occurring in 2025. The most active exchanges swapping USDX today include Uniswap and Pancakeswap’s Stableswap app.
The stablecoin sector has seen a reshuffling of rankings over the past year, with players rising and falling. Despite tether shedding $3.79 billion, its dominance still remains unmatched, with a market valuation nearly three times that of its closest competitor, USDC. Nevertheless, the $3.79 billion contraction marked one of the most significant supply reductions for USDT in over a year within such a condensed timeframe.
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