Metrics show the stablecoin economy trimmed $773 million this past week, and since Dec. 13, the fiat-pegged token sector has logged a $2.5 billion pullback.
Stablecoins Cool off in Early 2026
While crypto markets bounced back over the last seven days and muscled their way back above the $3 trillion line, the stablecoin sector slipped by 0.25%. Tether ( $USDT) inched higher by 0.16% ($299 million) and kept its crown as the largest stablecoin, with a market cap hovering near $187 billion.
As it stands today, defillama.com stablecoin stats show $USDT accounts for 60.80% of the combined $307.57 billion stablecoin economy. Circle’s $USDC slid 1.49% week over week, settling in with a market cap of $75.2 billion today. Meanwhile, Sky’s USDS notched a 2.95% weekly gain and now sits at roughly $6.3 billion, while Ethena’s $USDe barely budged—up a razor-thin 0.02%—holding steady at about $6.3 billion.
$USDe has slipped to fourth place after a string of weekly pullbacks that were far steeper than this week’s modest dip. On the flip side, Sky’s DAI dipped 0.87% over the past seven days, carrying a $4.5 billion market cap, while Paypal’s PYUSD slid 2.84% and now sits at roughly $3.6 billion.
Among the smaller names, World Liberty Financial’s $USD1 climbed 4.09% to a market cap of about $3.4 billion, Falcon Finance’s USDf slid 2.62% to $2.1 billion, while Circle’s Treasury-backed USYC edged down 0.06% with a $1.5 billion valuation, and Ripple’s RLUSD dipped 0.91% while holding near $1.35 billion to round out the top ten.
Also read: Bitcoin Derivatives Market Leans Bullish, but Max Pain Looms Below Spot
The stablecoin sector briefly tagged an all-time high last month when it cleared $310 billion on Dec. 13, according to defillama.com’s records. Since then, about $2.54 billion has peeled away, with $USDC’s 1.49% weekly dip alone translating into a $1.12 billion outflow this week. Add $USDe’s ongoing weekly drawdowns to the mix, and you arrive at the current pecking order as the first week of 2026 gets underway.
All told, the latest figures show a stablecoin market easing off its December peak rather than losing its footing, with capital rotating between incumbents and a few upstarts instead of fleeing outright. The numbers paint a market that is trimming excess, reshuffling rankings, and settling into 2026 with a clearer sense of where liquidity is sticking—and where it is quietly heading for the exits.
FAQ ❓
- What did the stablecoin market do this week?The sector pulled back as capital rotated out of major stablecoins following its Dec. 13 peak above $310 billion.
- Which stablecoins saw the largest weekly changes?$USDC posted a notable weekly outflow, while $USDe continued its multi-week decline and $USD1 logged gains.
- What is the current size of the stablecoin market?The total stablecoin market stands at $307.6 billion during the first week of 2026.
-
Does the pullback signal stress in crypto markets?
No. Not at all. The data points to rebalancing within stablecoins rather than broad-based weakness across crypto.
