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Key Takeaways
- Stablecoin dominance nearly doubled, rising from 7.6% to about 15% since September 2025.
- The shift is a denominator effect: the market cap halved while stablecoin supply grew just 10.6%.
- On-chain data shows steady usage, not a flood of panic-driven exchange deposits.
- Beneath the flat supply, stablecoins are quietly shifting from trading fuel to payment rails.
According to CryptoRank.io, the rise is less a story of money flooding into stablecoins than of everything around them shrinking. The on-chain data, drawn from CryptoQuant’s stablecoin flow metrics, confirms it: usage has held steady while the rest of the market contracted. Yet beneath that flat-looking number sits a more interesting structural shift worth unpacking in full.
The Numbers Behind the “Doubling”
The framing of a doubling is technically accurate but easy to misread. Since crypto’s total market ca...
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