Stablecoin Shake-Up: $1.9B Drop Hits Market as XUSD and USDX Break Peg

The stablecoin sector finally hit a speed bump this week, trimming $1.925 billion from its market cap after a long winning streak. Leading the cutback was Ethenas USDe, which slipped 7.91%. To make matters spicier, two stablecoins also lost their dollar composure, wobbling off their $1 targets like rookies at a balancing act.

Stablecoin Watch: Mid-Tiers Shine While Giants Wobble

The stablecoin arena was anything but quiet this week, with Stream Finance‘s XUSD and Stable Labs’ USDX both ditching their dollar pegs in dramatic fashion. It was a tale of triumphs and faceplants — and those two tokens nailed the latter.

Meanwhile, defillama.com stablecoin figures show Ethena‘s USDe took the steepest reduction dive, sliding 7.91% over the week and hanging onto its $8.62 billion market cap like a parachute that didn’t quite deploy.

Stablecoin metrics on Nov. 8, 2025, via Defillama.

Sky‘s DAI wasn’t far behind, gliding down 4.28% to a still-proud $4.88 billion. World Liberty Financial‘s USD1, despite all its star-spangled swagger, slipped 3.53% to $2.88 billion. Even Paypal’s PYUSD and Falcons USDf caught the downdraft, easing 0.42% and 0.53% to $2.80 billion and $1.99 billion — modest dips, but dips nonetheless.

Defillama.com metrics show that even Blackrock‘s mighty BUIDL saw a modest 0.23% decline, while Circle’s USDC slipped just 0.14%—a tiny wobble for a $75.39 billion giant and the second largest stablecoin by market cap. On the greener side of the ledger, Ethena‘s USDtb eked out a small 0.10% rise to $1.83 billion, while Tether’s USDT, the industry heavyweight, nudged up 0.09% to maintain its colossal $183.55 billion lead.

Tether‘s dominance still towers over the stablecoin scene, commanding 60.09% of the $305.477 billion market total as of 8 a.m. Eastern on Nov. 8. The week’s real attention-grabbers, though, were Sky‘s USDS and Ripple’s RLUSD, which popped 11.34% and 9.04%, proving that even mid-tier stablecoins can put on a show when the spotlight hits.

Rounding things out, Global Dollar (USDG) posted a polite 0.53% uptick to $996.6 million — barely breaking a sweat, but quietly proud to stay in the green. The stablecoin market‘s mix of dips and small victories proves there’s never a dull week in dollar-pegged drama — especially when two tokens slip their pegs. At press time on Saturday, USDX is below ten cents per unit, and XUSD is around 11 cents per coin.