Crypto's total market capitalization peaked in September 2025 and has since declined by roughly 50%, from $4.2T to ~$2.1T. However, Stablecoins, true to their name, remained stable. Supply grew steadily over the same nine months, pushing their share of the total market from 7.6% to 15%.

The rise in dominance is largely a denominator effect amid the declining crypto prices. Aggregate stablecoin supply grew just 10.6% over the period, from $286B to $316B.This means that stablecoin emission was modest during this period, but their supply rose because everything around them contracted

USDT Drove ~60% of the Segment's Growth

Total stablecoin supply added $30.4B since crypto's September 2025 market-cap peak. The supply of USDT, the largest stablecoin, increased by $18B during the same period, which accounted for 59% of all net new supply.

Not every top-5 stablecoin gained ground over the period. Ethena's USDe shed $8.4B following issues on Binance in October and a collapse in APY amid weak market conditions. That decline weighed heavily on the segment, as combined gains from Circle's USDC and Sky's USDS came to only $7.1B together, leaving the mid-tier roughly flat on net.

A large portion of the growth came from smaller issuers. Outside the top five, combined supply expanded by nearly $14B, which is about 64% increase. However, capital remains heavily concentrated at the top, with USDT and USDC together still accounting for 83% of total stablecoin supply.

Fastest-Growing Stablecoins Since Crypto's Sep '25 Peak

Among the stablecoins with a market cap of over $300M (this filter removes tokens with low base effect), USDG, Paxos's regulated dollar built around a network that shares revenue with the exchanges and wallets that distribute it, was the fastest growing stablecoin with 360% increase in supply.

Other notable gainers included USYC (+324%), USDY (+233%), PYUSD (+143%) and RLUSD (+131%), all issued by established payment and financial firms including Paxos, Ondo, PayPal and Ripple. Most sat below $1B at the September peak and have since grown into the $2–3B range.

One trait that stands out across much of this group is the yield generation. Several of the fastest-growing names share returns with holders. PYUSD, for example, through PayPal's rewards program, while USDY and USYC are the tokenized Treasury products that accrue Treasury yield directly. This sets them apart from giants USDT and USDC, which retain reserve income themselves.

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