For the first time since summer 2023 - Stablecoin market cap has dropped



Stablecoin marketcap October 2025 - $309b
Stablecoin marketcap November 2025 - $303b

First time we've seen a drop in stablecoin marketcap over a 1 month period since summer of 2023, it's been 2 years of up only.

But why?

The last month saw a wide variety of things happen within the stablecoin world:
- @ethena_labs lost more than 50% of it's TVL following the massive reduction in funding rates and therefore yield
- The stream finance saga ended up causing deleveraging across other stablecoins
- Stablecoins that dropped in quite a large size ($10-20m+) include Elixir, Resevoir, USDX, YU, fxUSD, Open, and many many others
- Blackrock (BUIDL) dropped almost $1b in TVL in the last month

Concerning - not really, it's just a few things that caused the market cap to drop a tiny 2%.
My bet would be we go past ATH's early next year. The likes of @Tether_to just keep growing!
ENA3.58%
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