Stablecoin Market Sheds $12.7B as Crypto’s Dry Powder Runs Thin

The stablecoin market has shed $12.73 billion since May 22, slipping to $300.36 billion as of Oct. 25, 2026. Tether’s USDT and Circle’s USDC dominate the retreat, with the latter losing $4.69 billion over 30 days. Yet the familiar argument that shrinking stablecoin supply spells trouble for crypto prices faces a complication: Not every disappearing digital dollar has actually left the market. Traders are reconsidering how much buying power remains on the sidelines. Tether’s USDT still commands 60.74% of the market, but the biggest stablecoins are losing ground. The prevailing theory holds that fewer digital dollars mean less ammunition for the next crypto rally. There’s just one hitch: The money might not be disappearing so much as finding somewhere else to sit. Data from Defillama on Oct.

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