Stablecoin Recap Mar 9–15, 2026: USDC added $2.047 billion during a $4.17 billion market cap increase.

The total stablecoin market capitalization rose from $317.49 billion to $321.66 billion, a $4.17 billion increase or 1.31%. During a week that also saw Circle’s policy chief urging the UK to merge MiCA clarity with US stablecoin rules, the market experienced shifts.

USDC led inflows with an increase of $2.047 billion. In the same period, sUSDS, a synthetic stablecoin, gained $0.713 billion, and YLDS, a yield-bearing token, saw an inflow of $0.381 billion. USDai experienced an outflow of $0.132 billion, syrupUSDC lost $0.107 billion, and Ethena USDe decreased by $0.09 billion. PayPal expanded its PYUSD stablecoin to users in 70 countries.

USDT ended the week with a dominance of 57.2%, a decline of 0.67 percentage points, while USDC’s dominance increased by 0.33 percentage points to 24.0%. Depegging events were recorded for USDL, which fell 3.22% off its peg, and USD1, which dropped 6.21% below its peg. A Ledger executive highlighted the US ban on stablecoin yield and its potential impacts on the market.

Circle’s policy chief advocated for regulatory clarity by suggesting the UK merge MiCA clarity with US stablecoin rules. Meanwhile, Cari selected ZKsync’s Prividium as US regional banks entered the stablecoin market. Analysts noted USDC's market cap nearing a record $80 billion.

UK borrowing costs reached their highest level since the 2008 financial crisis. No directly relevant macro developments were recorded this week.