Stablecoin Recap Mar 30–Apr 5, 2026: USDC experienced a $1.237 billion outflow.

The total stablecoin market capitalization began the week at $325.57 billion and ended at $324.68 billion, decreasing by $0.89 billion or 0.27%. During the same week, the Financial Stability Board (FSB) identified dollar stablecoins as a larger risk for emerging markets, and the market showed a slight contraction.

USDD led the inflows with a $0.207 billion increase, representing a 27.1% rise. In the same period, USDD did not announce any issuer actions or product launches. sUSDS had a $0.144 billion inflow, a 2.2% increase, while syrupUSDT added $0.081 billion, an 8.8% gain. USDC faced the largest outflow of $1.237 billion, a 1.6% decrease. Ripple USD and PayPal USD also saw declines, with reductions of $0.097 billion and $0.083 billion, respectively. Circle partnered with African fintech Sasai to expand USDC adoption in cross-border payments.

USDT's market dominance increased by 0.13 percentage points to 56.7%. USDC's dominance decreased by 0.31 percentage points to 23.9%. Two stablecoins, USDL and USD1, experienced depeg events, with USDL falling to $1.04 and USD1 to $1.042, deviating by 4.0% and 4.2% from their pegs, respectively. The FSB's annual report highlighted dollar stablecoins as a growing risk for emerging markets, focusing on their potential systemic impacts.

Tether engaged KPMG for its first full audit of USDT, as reported by the Financial Times. Coinbase launched token-backed down payments for Fannie Mae loans and opposed a recent bill's stablecoin compromise. Resolv temporarily halted its protocol following an $80 million USR exploit. Circle requested the EU to ease thresholds in its proposed markets framework.

No directly relevant macro developments were recorded this week.