$310 Billion Stablecoin Market Hits New High While Yield Plays Lose Ground

Stablecoins are back on the move, with the fiat-pegged token economy notching another all-time high by clearing the $310 billion mark during the second week of December.

Stablecoin Market Reaches a New Peak Tapping $310 Billion

In mid-November, stablecoins logged a modest pullback after climbing to a collective high of $309 billion. From there, the stablecoin economy drifted down to a low of $302.88 billion, based on data compiled by defillama.com. The fiat-pegged token sector has since pushed beyond the $310 billion threshold this week, topping out at $310.092 billion as of Saturday, Dec. 13, 2025.

The week-over-week gain clocked in at roughly 0.57%, with about $1.79 billion flowing into the stablecoin sector over the seven-day stretch. Tether‘s USDT continues to run the table with a 60.06% share, as the stablecoin heavyweight now carries a market cap of $186.256 billion. USDT posted a weekly increase, with its market cap swelling by $536.21 million. Meanwhile, Circle’s USDC added $613 million over the same period, lifting its total to $78.414 billion.

Source: Defillama.com on Dec. 13, 2025.

Among the top ten stablecoins by market cap, Circle‘s USYC posted the biggest seven-day percentage move, climbing 4.02%. At the same time, Blackrock’s BUIDL took a sharp step back, shedding 13.24% over the past week and leaving its market cap at $1.321 billion. Zooming out, BUIDL has logged a 42.05% monthly contraction, with more than $958 million exiting the token over the longer stretch.

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Outside the top ten in terms of seven day gains was Tron‘s USDD which jumped by 23.46% and crvUSD managed to climb 28.92%. Ethena’s stablecoins too continue to drag as USDe shed 2.98% this week and the projects USDtb saw a larger drawdown of 18.99%. This is a trend that occurred across most yield bearing stablecoins after the October crypto market crash, basis/yield economics became less attractive.

Stablewatch.io analytics shows that over the past 30 days, the combined market cap of all yield-bearing stablecoins has slipped by more than 9%, landing just north of $18 billion. In this corner of the market, redemptions have outpaced new minting as investors lean cautious in a broadly risk-off mood. The pullback is demand-driven, and over the last week alUSD recorded a 73% reduction, smsUSD fell 67%, and sBOLD posted a 14% decline.

Source: Stablewatch.io analytics on Dec. 13, 2025.

In short, the weeks growth and new all-time high are being driven almost entirely by non-yield-bearing stablecoins, better known as payment stablecoins. That divide points to a clear tilt toward liquidity and simplicity as year-end draws near. Whether these dynamics carry into 2026 remains an open question, and for now investors appear content keeping things plain, simple, liquid, and ready to move. Only time will tell if this preference eventually changes.