Tether Holds 58.7% as Stablecoins Lose $90M
Over seven days to May 23, 2026, stablecoins recorded $90.01M in net outflows to $323.052B; Tether held 58.65% and the top five made up 88.01% of the market.
Figures compiled by DefiLlama show that over the seven days to May 23, 2026, the stablecoin sector had $90.01 million in net outflows, bringing total market capitalization to $323.052 billion. Tether (USDT) had a market cap of $189.468 billion, or 58.65% of the sector, after a 0.12% weekly decline.
Circle’s USDC was second at $76.619 billion, down 0.58% for the week. Sky’s USDS ranked third at $8.861 billion, up 0.79%. World Liberty Financial’s USD1 rose 6.20% to $4.801 billion, attracting roughly $281 million in inflows over the period. Sky’s DAI held $4.574 billion, down 0.85%. Combined, the top five stablecoins totaled $284.323 billion, equal to 88.01% of the sector’s value.
Other stablecoins showed mixed performance. Ethena’s USDe reached $4.443 billion, up 4.96%. PayPal’s PYUSD held $3.607 billion after a 4.26% gain. BlackRock’s BUIDL was at $3.055 billion, down 5.29%. Circle’s USYC stood at $2.983 billion, up 0.36%. Global Dollar’s USDG measured $2.633 billion following a 9.62% decline.
The wider cryptocurrency market experienced a pullback over the same week, concurrent with the modest outflows from dollar-pegged tokens. Despite the net outflow, the stablecoin market retained a total valuation of $323.052 billion.
Stablecoins are digital tokens designed to maintain a stable value relative to a fiat currency, most commonly the U.S. dollar. Traders, exchanges and decentralized finance applications use them to move capital quickly, hedge against price swings and provide on- and off-ramps between crypto and traditional finance.
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