The stablecoin market cap declined by $2.39 billion.
The total market capitalization of stablecoins started the week at $300.74 billion and ended at $298.36 billion, reflecting a decrease of $2.39 billion or 0.79%. This decline occurred during a week that also saw a depeg event affecting USDB.
The total market capitalization of stablecoins started the week at $300.74 billion and ended at $298.36 billion, reflecting a decrease of $2.39 billion or 0.79%. This decline occurred during a week that also saw a depeg event affecting USDB.
PayPal USD led inflows with an increase of $0.178 billion. Ripple USD and Global Dollar followed, adding $0.096 billion and $0.052 billion, respectively. Tether saw the largest outflow, with a reduction of $1.251 billion. USDC and USDS also experienced outflows, decreasing by $1.104 billion and $0.208 billion. These movements occurred in a week with no reported issuer actions or product launches.
USDT ended the week with a dominance of 61.1%, a slight increase of 0.07 percentage points. USDC's dominance decreased to 23.9%, down by 0.18 percentage points. USDB experienced a depeg event, with its price falling to $0.9811, 1.89% below its peg. There were no regulatory or enforcement developments reported in the stablecoin sector 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 2026-10-26 at $298.36B, having shed $2.39B (-0.79%) over seven days.
- The largest inflow was PYUSD (PayPal USD), which added $0.18B (+6.3%) to reach $3.02B.
- The largest outflow was USDT (Tether), which shed $1.25B (-0.7%) to $182.28B.
- USDT dominance ended the week at 61.1% (+0.07pp); USDC at 23.9% (-0.18pp).
- Coins that traded outside 1.5% of par during the week: USDB ($0.9811, -1.89% from peg).
The week in two charts
Lifecycle and policy events this week
- Regulation 2026-10-19 — European Union: "MiCA entered into force in June 2023"
- Regulation 2026-10-19 — United States: . Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) seeking public comment on the implementation of Section 3 of the GENIUS Act, which establishes a federal framework for payment stablecoins. The NPRM defines key terms and clarifies requirements for issuers and digital asset service providers under the Act. The comment period for this NPRM closed on October 17, 2026. Additionally, the Office of the Comptroller of the Currency (OCC) has issued a separate NPRM to implement the GENIUS Act's provisions concerning the issuance of payment stablecoins and related activities by entities under the OCC's jurisdiction. The comment period for this NPRM also closed on October 17, 2026. As of October 19, 2026, the status of the GENIUS Act's implementation remains as proposed, with public comments having been solicited but not yet finalized.
- Regulation 2026-10-19 — Hong Kong: "First regulated Hong Kong dollar stablecoin launched on August 12, 2026."
- Regulation 2026-10-19 — Japan: "As of June 1, 2026, Japan expanded the scope of the 'travel rule' requirements by adding five jurisdictions, requiring Cryptoasset Exchange Service Providers and Electronic Payment Instruments Service Providers to submit information on originators and beneficiaries during transfers of cryptoassets and stablecoins to these jurisdictions."
- Regulation 2026-10-19 — Singapore: HELD — would regress in_force → consultation: "Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation" closed on 16 October 2026.
- Regulation 2026-10-19 — United Arab Emirates: "final rules published"
- Regulation 2026-10-26 — European Union: "The EBA classifies USDC as the first significant e-money token in the European Union"
- Regulation 2026-10-26 — United States: final rules published (status proposed → finalised)
- Regulation 2026-10-26 — United Kingdom: FCA opens authorisation gateway for crypto firms on 30 September 2026.