Top 5 Stablecoins Capture Nearly 90% of Sector as Market Contracts This Week

Stablecoin Sector Draws a Loss of $90.01 Million in Net Outflows

As the broader crypto economy weathered a widespread pullback this week, the stablecoin sector recorded roughly $90.01 million in net outflows. As of Saturday, May 23, 2026, the market stands at $323.052 billion, with several of the top ten stablecoin contenders posting declines, defillama.com stats show. Tether ( USDT) registered a slight weekly decline of 0.12% over the past seven days.

Stablecoin market cap via defillama.com on May 23, 2026

At the same time, Circle’s USDC maintained its position as the second-largest stablecoin by market capitalization, holding a valuation of $76.619 billion despite posting a 0.58% dip on the week. Taking the third spot is Sky’s USDS, which carries a market capitalization of $8.861 billion while posting a positive seven-day gain of 0.79%.

Meanwhile, World Liberty Financial’s USD1 has firmly secured fourth place, reaching a market cap of $4.801 billion and recording the strongest weekly expansion among the top five stablecoins with a 6.20% increase. Roughly $281 million in inflows poured into USD1 during the period.

Rounding out the top five is Sky’s veteran stablecoin DAI, which holds a market capitalization of $4.574 billion after slipping 0.85% over the trailing seven-day stretch. Combined, the top five stablecoins command approximately $284.323 billion in market value, representing 88.01% of the entire stablecoin economy’s net capitalization.

Ethena’s USDe occupies the sixth position among stablecoins this weekend with a market cap of $4.443 billion, posting a notable weekly gain of 4.96%. Close behind in seventh place is Paypal’s PYUSD, which carries a market value of $3.607 billion alongside a steady 4.26% climb over the past seven days.

Alongside this, Blackrock’s BUIDL claims the eighth spot with a market capitalization of $3.055 billion, though it experienced a 5.29% weekly decline. Circle’s similar Treasury-backed product, USYC, ranks ninth, holding a $2.983 billion valuation paired with a modest 0.36% gain during the same stretch.

Rounding out the top ten is Global Dollar’s USDG, which commands a market capitalization of $2.633 billion despite absorbing a steep 9.62% contraction over the week. Despite modest outflows and a handful of weekly declines, the stablecoin sector continues to function as one of crypto’s largest liquidity strongholds, with hundreds of billions still parked across dollar-pegged assets.

The latest figures also reveal an increasingly top-heavy market structure, as the five largest stablecoins alone account for more than 88% of the sector’s total valuation. Even amid broader crypto weakness, other competitors such as USD1 and USDe continue attracting capital.