📝 Editor's Note:

Welcome to OurNetwork's latest.

This week, we're back checking on the latest in stablecoins, a sector which has only seemed to get hotter this year as it nears $300B, according to our friends at RWA.xyz.

Not to say there haven't been setbacks. Some stablecoins didn't live up to their names this week as three stablecoins with $100M-plus market caps depegged by well over 50%.

Still, while there's been volatility and shuffling among newer stablecoins, the top slot has remained steady with Tether's USDT having maintained its over 40% market share since 2021.

The stablecoin story is far from over. Let's get the latest from RWA.xyz, Surf Query, Jordan Jackson, and Alex.

– ON Editorial Team

Sector Overview | USDC | USDe | USDS

• Stablecoin supply surged $50B since July, reaching nearly $300B. Tether (USDT) and Circle (USDC) dominated with 86% market share, adding $26B (+17%) and $13B (+21%) respectively. Other stablecoins grew $12B (+40%). USDT and USDC’s dominance reflects deep network effects as new stablecoin and tokenized asset pairs are denominated in them, cementing their role as the preferred rails for transfers and on/off-ramps.

• Outside USDT and USDC, over 70% of stablecoin growth came from Ethena’s USDe (+$3.9B), Sky’s USDS (+$2.5B), and Paypal’s PYUSD (+$1.9B). USDe fell $5.7B from its October peak after a sharp depeg exposed liquidity and collateral risks in synthetic stablecoin models.

• While USDT and USDC dominate stablecoin market cap, address-adjusted data tells a different story. In November, USDtb, backed by Securitize and BlackRock’s BUIDL fund, led the metric, while USDC, USDT, and Binance-Peg USD lagged, highlighting their role as last-mile retail stablecoins.

• USDC on Solana is Circle’s native stablecoin for fast, low-fee payments and DeFi. Solana now leads all chains in monthly USDC senders, accounting for one-third of all active senders. Since Oct 2023, that number has grown 10×, from ~300K to 3M+. Average monthly USDC supply on Solana reached $12.6B in October, second only to Ethereum. As of Oct 31, $9.9B of that sits on Solana—62% of the chain’s stablecoin supply, more than all other stablecoins on Solana combined.

• USDC on Solana just posted its strongest month ever: $626B in adjusted volume (after filtering bots), a 4.6× jump from last month and a new monthly ATH. October also saw $98B in USDC peer-to-peer transfers, the highest on record. The shift is clear: Solana is moving from speculation to payment usage.

• Squads is a Solana-based multisig platform for teams to securely manage assets and treasuries. It powers Fuse (personal banking) and Altitude (business banking). As of Nov 5, Squads holds $1.23B in USDC TVL and has processed $3.5B YTD, including $371M in last month October alone.

• USDS represents one of the most robust and resilient stablecoin designs in crypto. Known as project of technical excellence and a conservative approach to risk, USDS always seems to shine in the most volatile moments of crypto. Exemplified by their rapid inflows over the last 30 days, a tumultuous time in the market.

• Sky offers three products. USDS: The collateral backed stablecoin. sUSDS: Yield bearing version of the collateral backed stablecoin. stUSDS: The higher risk yield bearing version of he collateral backed stablecoin. USDS dominates (61.7%), showing Sky's relative small demand as a yield stable.

• Over the last 60 days Sky's USDS has accounted for less than 2% of yield optimizer Summer.fi. Showcasing that the protocol is outshined by the likes of Morpho and Euler, when it comes to providing users with competitive yield on their stables.

• USDe is Ethena’s synthetic dollar designed to hold $1 via a delta-neutral structure. Users mint with liquid crypto collateral while Ethena shorts perps to hedge price risk. Yield comes from perp funding and collateral earnings, and holders can stake into sUSDe to auto-compound. Total USDe supply scaled from near zero in 2024 to a peak around $15B in 2025, then retraced to roughly $9–10B yet remains multiples above early-year levels, reflecting rapid distribution.

• When perp funding is high sUSDe yield rises and mint loops accelerate, so issuance led through mid 2025 alongside exchange incentives. In October a Binance USDe depeg triggered a giant redemption of about $5B in a month, which flipped flows negative and unwound much of the earlier build.

• Despite the September depeg on Binance, CEX balances first climbed to $5.1B before declining toward $1.68B as perp funding weakened. Bridge balances edged up from $700M to $1.80B before easing to $1.12B. These moves indicate resilience through the manipulation and suggest USDe maintained user trust.