Stablecoin Sector Stalls Near $310B as Big Names Swap Seats

Stablecoins caught their breath this week, with $823.09 million slipping out of the sector over the past seven days, nudging the total down by 0.27%. The heaviest hit came from Blackrock’s BUIDL, which logged a 6.22% trim and was bumped from the top ten stablecoins by market cap, landing at No. 12.

A Few Stablecoins Play Musical Chairs

At press time on Saturday, Dec. 20, 2025, defillama.com stats show the stablecoin sector is hovering just shy of the $310 billion threshold, clocking in at $309.294 billion. Tether ( USDT) continues to hold the crown by market cap with $186.288 billion, accounting for 60.23% of the total. USDT posted a barely-there 0.01% weekly uptick, with an additional $14.68 million tacked on.

Circle’s USDC took a step back this week, with its market cap sliding 1.67% as $1.311 billion peeled off its valuation. As of Dec. 20, USDC’s market cap sits at $77.109 billion. Sky, formerly MakerDAO, and its stablecoin USDS logged a 1.11% gain this week, with $71.47 million added to its coffers. Ethena’s USDe, which had been wrestling with weekly declines, took another hit with a 1.41% pullback as $91.91 million exited its market cap.

Total stablecoin market valuation on Saturday, Dec. 20, 2025, via defillama.com.

USDS now carries a market cap of $6.503 billion, while USDe stands at $6.433 billion, pushing Ethena’s token down to the fourth spot. Sky’s legacy DAI token slipped 1.28% this week, shedding $59.35 million and leaving the DAI market valued at $4.576 billion in fifth place. Paypal’s PYUSD moved the other direction, adding $8.66 million on a 0.22% gain, lifting its market cap to $3.872 billion and securing the sixth spot.

Seventh place belongs to World Liberty Financial’s USD1 stablecoin, the DeFi project backed by the Trump family. Roughly $4.4 million flowed into USD1 this week, nudging it up 0.16% to a market cap of $2.788 billion. Falcon Finance’s USDf checks in at $2.108 billion after a modest 0.09% lift over the past seven days, while Circle’s USDY climbed into ninth place this week with a 5.09% advance. Like Blackrock’s BUIDL, USDY is a Treasury-backed stablecoin.

USDY’s market cap increased to $1.415 billion following a $68.53 million inflow of fresh capital. Holding the tenth slot during December’s third week is Ripple’s RLUSD, which rose 3.21% and picked up $42.2 million, bringing its total valuation to $1.359 billion. Global dollar (USDG) managed to hang on to the 11th position this week after a 5.79% gain, with $69.76 million added to its stash, lifting it to $1.274 billion as of Dec. 20.

Also read: Bitcoin Consolidates Near $88K as Traders Strap in for a Technical Reckoning

Then there’s BUIDL, Blackrock’s Treasury-backed stablecoin issued by Securitize. BUIDL, much like Ethena’s USDe, has endured extended stretches of outflows. Over the past week, BUIDL shed 6.22%, trimming $82.16 million from its market cap, which now sits at $1.239 billion. Roughly 56 days ago, BUIDL was valued at $2.688 billion on Oct. 25, and since then, $1.449 billion has quietly slipped out the door.

Overall, the week looked more like a pause than a panic, with funds shifting between issuers rather than bolting for the exits. The top of the table stayed firmly in place, the middle ranks kept swapping seats, and Treasury-backed tokens delivered mixed results depending on who was at the helm. As December winds down, the stablecoin market appears content to tread water while quietly separating momentum plays from the rest of the pack.

FAQ 🪑

• Why did the stablecoin market dip this week?The sector saw $829.09 million flow out over seven days as capital rotated among major issuers rather than exiting crypto altogether.
• What is the current size of the stablecoin market?As of Dec. 20, the global stablecoin market stands at $309.294 billion, just below the $310 billion mark.
• Which stablecoins lost the most ground this week?Blackrock’s BUIDL and Circle’s USDC posted the largest weekly declines by market cap.
• Which stablecoins gained during the week?USDS, PYUSD, USDY, RLUSD, USDG, and USD1 all recorded modest weekly increases in market value.