Stablecoin Market Cap Slides to $288.45B as Arc Posts 20.29% Growth

Total stablecoin market capitalization fell 1.74% over the past week to $288.45 billion, a decline of approximately $5.1 billion, according to market data. Six blockchains still recorded growth over the same period, led by Arc at 20.29%, while Ethena's USDe expanded 7.29%.

The weekly drawdown extends a broader contraction. The aggregate stablecoin market declined 0.56% over the past day and 5.39% over the past 30 days, meaning the market shrank across all three measured timeframes. For practitioners, the direction is unambiguous: circulating dollar-denominated liquidity on-chain is contracting even as settlement activity accelerates.

What does the leaderboard look like?

Tether (USDT) remained the dominant issuer, with a market capitalization of $175.31 billion and a 60.78% share of the total stablecoin market. USD Coin (USDC) held second place at $69.29 billion — roughly 40% of Tether's footprint. Sky Dollar (USDS) ranked third at $5.39 billion, followed by Ethena USDe at $4.89 billion and Dai (DAI) at $4.65 billion.

The weekly movers diverged sharply. On the growth side:

• Ethena USDe rose 7.29%
• Open USD (OUSD) gained 6.35%
• Ripple USD (RLUSD) added 2.68%

The declines were steeper. Sky Dollar fell 16.84%, World Liberty Financial USD (USD1) dropped 12.8%, and USDGO lost 7.03%. The USDS contraction — a mid-single-digit billions issuer shedding nearly a sixth of its float in one week — represents the largest proportional retreat among tracked issuers.

Which chains hold the liquidity?

Ethereum remained the largest host chain for stablecoin capital at $131.71 billion, though it declined 3.4% over the week. Tron followed at $93.96 billion, ahead of Solana at $14.11 billion, BSC at $12.89 billion, Hyperliquid L1 at $6.38 billion and Base at $5.25 billion.

Growth concentrated on newer and smaller networks. Arc led all chains at 20.29%, followed by Avalanche at 15.25% and Plasma at 8.48%. On the downside, XRPL fell 8.02% and Hyperliquid L1 dropped 4.48%, a notable reversal for a chain that had previously ranked among stablecoin gainers.

What does this change for market structure?

The divergence between stock and flow is the operative signal here. While the total capital base contracted across daily, weekly and monthly windows, on-chain stablecoin transfer volume over the past 30 days totaled $8.71 trillion — up 23.71% from the preceding period. Issuers and treasury desks should read that as evidence of sustained settlement demand despite a shrinking float, which typically precedes re-minting activity when redemption pressure subsides.

For treasurers allocating across chains, the data argues for watching the Arc, Avalanche and Plasma growth trajectories against Ethereum's slower bleed. A 3.4% weekly decline on the largest chain is a rounding error in dollar terms; the same percentage on a challenger chain can signal either accumulation or exit, depending on whether it follows a growth streak.

The forward question is whether the 30-day contraction of 5.39% stabilizes before the transfer-volume expansion reverses. If volume holds above the $8 trillion monthly threshold while market cap finds a floor near current levels, issuers regain a stable base for the next issuance cycle.