Stablecoin market cap currently sits at $290b, down $4.5b over the last week and the lowest total market cap since September 2025.

The last two weeks of outflows are the largest net outflows in over four years. Flows are negative on the year, on pace for the largest year of outflows since ‘22.

Which stablecoins and chains are seeing the largest outflows?

When stablecoin supply grows, more stables are being minted than redeemed. Supply is shrinking because holders are redeeming stables for dollars.

USDT is responsible for more than half of the mcap decline. USDC represents 20%.

Despite the decline in supply, stablecoin market share is mostly unchanged. USDT still accounts for 60% of all stablecoins in circulation, USDC accounts for 24%. Ethena’s USDe gained 0.39% to 1.71% share of supply, and Sky’s USDS lost 0.36% share.

The outflows are hitting stablecoins proportionally, but they aren’t hitting chains proportionally.

Most of the outflows come from Ethereum, whose stablecoin supply is down 6% over the last month. Solana’s supply is down 8% over the last month. Both chains lost another 3.5% this past week.

At the start of 2026, Ethereum’s share of stablecoin supply was 54%. Now it’s 46%, it’s lowest share ever. Tron’s share has grown this year from 27% to 32%.

2026 is the first year that stablecoin volume was above $1t each month. Stablecoin volume is already 25% higher than 2025 with more than 45 days left to go.

Most stablecoin volume happens on Ethereum.

Block Builders and MEVs had large fee-earning days during the Binance hack. Flashbots had its largest fee day since 10/10 and Titan Builder had its largest day since March.

Filtering for protocols with minimum 30d fees of $10m, Morpho and Spark both saw double-digit fee growth while their tokens fell. Curve, Lighter and ORE all grew holders revenue over the last month.

Use the Growth view on the DefiLlama homepage to scan for growing categories and protocols. Sort by fees, revenue, holders, revenue, TVL or price growth. Filter by different time frames and fee minimums.

The Fees page now shows top gainers and top losers over the last week, with options to filter for both and select fee floors.

PancakeSwap, trade[XYZ] and Lighter all grew fees by 20% over the last week.

Growth filters are available for DEXs and perps dashboards.

Today we’re launching a Verified by DefiLlama dashboard for Noon Capital.

DefiLlama identified & verified every wallet and DeFi position holding Noon's reserves and watches each one. Any change in balance or any drawdown shows on the page as it happens.

Noon’s reserves sit largely offchain. DefiLlama reads balances from an independent third party and verifies the private credit reports against positions weekly.

Users and institutions can see how each source was checked, when it was last confirmed and what cadence to expect while protocol records and positions remain private.

If updates are missed, they are marked prominently. We don’t verify anything we can’t confirm.

Verified by DefiLlama provides independent verification of offchain reserves, stablecoin backing, vaults, financial statements, and more as part of our mission to provide transparency & accurate DeFi data.

If your company has offchain reserves or financial statements, reach out below to get Verified by DefiLlama.

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

It's official: Democrats will control both chambers of Congress from January 3, 2027. That's a clear shift from the last two years, when Republican majorities ran both the House and the Senate and steered crypto's market structure bill through the House. That shift could change things for crypto.

When an underlying protocol gets hacked, depositors absorb the loss. Firelight, a cover protocol on Flare incubated by Sentora, pays out to vaults when a protocol they deposit into is exploited, using capital XRP stakers lock up in exchange for fees.

Yield Discover prominently shows which pools are growing the fastest, which ones are launching rewards, and newly listed pools.

Based on overwhelming interest, we launched more hack and revenue markets.

Tracking protocol revenues? We just launched revenue markets for Hyperliquid, Pump, Aero, Uniswap, Collector Crypt, and Papertrade. New markets like fomo and Polymarket revenues coming soon.

Hedge against exploit risk by trading the odds of total DeFi hacks and exploits of specific protocols. We have markets for whether there will be exploits of major protocols this month. We also have weekly and monthly markets for the size of the largest hack.

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