Stablecoin share climbs from 7.6% to about 15% since September 2025 as crypto market cap halves

Stablecoins’ share of the crypto market has nearly doubled, rising from 7.6% to about 15% since September 2025. The increase largely reflects a denominator effect: total market capitalization fell roughly 50% while stablecoin supply rose only 10.6%. On-chain indicators point to steady usage rather than a panic-driven rush of exchange deposits. Data from CryptoQuant’s stablecoin flow metrics also suggest stablecoins are gradually shifting from trading collateral toward payment and settlement use cases.