Stablecoin Recap Apr 20–27, 2026: US authorities froze $344 million in crypto linked to Iran.

The total stablecoin market capitalization decreased from $326.65 billion to $325.4 billion, a decline of $1.25 billion or 0.38%. In the same period, US authorities froze $344 million in crypto assets linked to Iran.

Ripple USD (RLUSD) led inflows with an increase of $0.169 billion. USDD added $0.135 billion, while Global Dollar (USDG) saw an inflow of $0.129 billion. Ethena USDe experienced an outflow of $1.606 billion, with Ethena Staked USDe also losing $0.932 billion. PayPal USD (PYUSD) recorded an outflow of $0.612 billion. During the week, Tether froze $344 million in USDt stablecoins at the request of US law enforcement.

USDT's market dominance rose by 0.97 percentage points to 58.3%, while USDC remained stable at 23.9%. Two stablecoins, USD1 and USDL, experienced depegging events, trading as low as $1.04 and $1.054, respectively. In regulatory developments, the UK announced plans to amend payment rules for stablecoins and tokenized deposits. A new report discussed MiCA's impact on euro stablecoins.

MoonPay launched fiat-to-stablecoin virtual accounts in New York. Nium, a global payments platform, integrated USDC into its network through a partnership with Coinbase. MiCA-licensed Banking Circle entered the bank stablecoin settlement market in Europe. Western Union targeted May for its USDPT stablecoin rollout.

No directly relevant macro developments were recorded this week.