Total stablecoin market cap fell by $4.74 billion, a 1.61% decrease.
The market cap started at $293.86 billion and ended at $289.13 billion, a decline of $4.74 billion or 1.61%. During this period, no regulatory or news developments were recorded.
The market cap started at $293.86 billion and ended at $289.13 billion, a decline of $4.74 billion or 1.61%. During this period, no regulatory or news developments were recorded.
Ethena USDe led the inflows with an increase of $0.417 billion. A7A5 followed with a gain of $0.402 billion, experiencing a percentage increase of 579%. Ripple USD added $0.266 billion. Tether saw the largest outflow, losing $3.039 billion. USDC and USDS also experienced outflows of $0.98 billion and $0.911 billion, respectively. No issuer actions or product launches were reported during this period.
USDT's dominance ended at 61.2%, a slight decrease of 0.05 percentage points. USDC's dominance rose by 0.06 percentage points to 24.3%. USDB experienced a depeg, dropping to a low price of $0.9549, 4.51% off its peg. No regulatory or enforcement developments were recorded in the news feed this week.
No directly relevant macro developments were recorded this week.
What happened this week in stablecoins
- Total par-pegged stablecoin market capitalisation ended the week of 2026-11-09 at $289.13B, having shed $4.74B (-1.61%) over seven days.
- The largest inflow was USDE (Ethena USDe), which added $0.42B (+9.2%) to reach $4.93B.
- The largest outflow was USDT (Tether), which shed $3.04B (-1.7%) to $176.88B.
- USDT dominance ended the week at 61.2% (-0.05pp); USDC at 24.3% (+0.06pp).
- Coins that traded outside 1.5% of par during the week: USDB ($0.9549, -4.51% from peg).
The week in two charts
Lifecycle and policy events this week
- Regulation 2026-11-02 — European Union: "The EBA classifies USDC as the first significant e-money token in the European Union, subjecting it to dual supervision starting 12 November 2026."
- Regulation 2026-11-02 — United States: final rules published
- Regulation 2026-11-02 — United Kingdom: FCA opened applications for authorisation on 21 April 2026.
- Regulation 2026-11-09 — European Union: "The EBA classifies USDC as the first significant e-money token in the European Union"
- Regulation 2026-11-09 — Hong Kong: "First regulated Hong Kong dollar stablecoin launched on August 12, 2026."
- Regulation 2026-11-09 — Japan: "Japan expanded the scope of the 'travel rule' requirements by adding five jurisdictions"
- Regulation 2026-11-09 — South Korea: "final rules published"