Stablecoin Recap May 18–25, 2026: USDC experienced a $0.537 billion outflow.

The total stablecoin market cap began the week at $328.72 billion and ended at $328.55 billion, a slight decrease of $0.18 billion or 0.05%. During the same week, the EU opened a consultation on MiCA stablecoin rules and DeFi gaps.

Ondo US Dollar Yield, a yield-bearing dollar-denominated token, led inflows with an increase of $0.251 billion. Ripple USD added $0.169 billion, while PayPal USD recorded a $0.11 billion gain. USDC faced the largest outflow, losing $0.537 billion. Global Dollar decreased by $0.159 billion, and sUSDS dropped by $0.055 billion. In the same period, Coinbase expanded its stablecoin infrastructure business with the launch of Flipcash USDF.

USDT's market dominance remained stable at 57.7%, while USDC's dominance slightly decreased to 23.3%, a 0.1 percentage point drop. USD1 and USDL experienced depeg events, with USD1 reaching a low of $1.048, 4.8% off its peg, and USDL dropping to $1.021, 2.1% off its peg. StablR Euro and US dollar stablecoins also depegged following a $2.8 million exploit. OSL, a digital asset platform, listed the state-supervised gold-backed stablecoin USDKG.

MoneyGram furthered its blockchain payments initiative through a partnership with Tempo. No directly relevant macro developments were recorded this week.