As the crypto market pulled back, stablecoins moved to center stage and became the main segment in web3.
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…
