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Stablecoin Market Cap Headed for First Monthly Decline in 26 Months

The stablecoin market fell $4.54B to $303 billion, the steepest monthly decline since November 2022

By CoinDesk Data
Updated Nov 26, 2025, 6:09 p.m. Published Nov 26, 2025, 5:32 p.m.
Stablecoins Report November 2025

What to know:

  • The stablecoin market fell by $4.54B to $303B in its first monthly decline in over two years.
  • Stablecoin trading volumes reached $1.48T but trended lower month-over-month, with USDT dominating 75.8% of centralized exchange activity.
  • Ripple's RLUSD reached $1B and euro-pegged stablecoins hit a 3-year high of $638M, defying the broader downturn.

The stablecoin market is on track for its first monthly decline in more than two years. Total market capitalization fell 1.48% to $303 billion as of November 24, down $4.54 billion from the previous month. The contraction marks the first decline in 26 months and the steepest monthly drop since November 2022, when the collapse of FTX struck the market.

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Despite this, stablecoin market dominance increased to 9.99% (up from 8.14% in October), driven by declining cryptocurrency prices.

Tether's USDT continued its growth streak, expanding 0.56% to $184 billion in its 27th consecutive month of gains. The stablecoin's market dominance reached a multi-month high of 60.9%. In contrast, USDC saw its market capitalization fall 2.71% to $73.5B, while Ethena USDe declined 22.5% to $7.39B.

Trading activity on centralized exchanges reflected recent struggles. Stablecoin volume reached $1.48 trillion as of November 24, with overall exchange activity tracking below October levels amid ongoing liquidity outflows.