Billions on the Move: October’s Winners and Losers in the Stablecoin Market

The latest data from defillama.com shows the stablecoin market didn’t skip a beat in October, climbing 2.47% even after trimming $1.84 billion in the past week. Tether ( USDT) was the main heavyweight, swelling its market cap by roughly $7.78 billion during the monthlong stretch.

October’s Stablecoin Snapshot: Who Rose, Who Fell, and Who’s Still Dominant

USDT continues to reign supreme, Defillama figures show it flexing a 4.43% monthly climb to a hefty $183.35 billion market cap. It currently commands 59.69% of the stablecoin sector’s $307.175 billion total value.

Circle’s USDC had its own moment in the spotlight this week, finally breaking past the $75 billion milestone. The runner-up stablecoin tacked on $1.744 billion, marking a 2.36% gain and landing at a tidy $75.51 billion cap.

Ethena’s USDe took a nosedive in October, tumbling 36.57% to settle at $9.36 billion after losing a hefty $5.39 billion in just a month. Sky Dollar (USDS) had a brighter story, leaping 21.67% to hit $5.19 billion, while DAI barely budged—up a modest 0.61% to $5.10 billion.

World Liberty Financial’s USD1 added some flair with an 11.08% lift to $2.98 billion, and Paypal’s PYUSD joined the climb, popping 14.82% to reach $2.81 billion. According to Defillama, Blackrock’s BUIDL inched up 2%, bringing its total to $2.59 billion.

Falcon USD (USDf) took flight with a 24.35% jump to $2.02 billion, while Ethena’s USDtb barely moved, ticking up 0.17% to $1.83 billion. Global Dollar (USDG) rocketed 37.84% to $991.35 million, and rounding out the top 12, Ripple’s RLUSD kept pace with a 21.97% climb to $963.09 million.

Overall, the stablecoin sector showed a mix of steady gains and sharp dips in October, with USDT and USDC tightening their grip on dominance. While Ethena’s USDe stumbled, several competitors like USDG and RLUSD posted eye-catching growth.

The month’s movements highlight how capital keeps flowing across the stablecoin spectrum, even amid the shifting market tides we’ve seen in recent times.

FAQ ❓

• What is the total value of the stablecoin market?

The global stablecoin market is valued at about $307.175 billion as of Oct. 2025.

• Which stablecoin holds the largest market share?

Tether ( USDT) leads the pack with 59.69% of the total stablecoin market.

• How much is Circle’s USDC worth now?

USDC recently crossed the $75 billion mark in market capitalization.

• Which stablecoin saw the biggest decline in October?

Ethena’s USDe dropped 36.57%, losing more than $5 billion in value.