As the crypto market correction continues, stablecoins' market share nearly doubled to 15 percent from 7.6 percent.

On June 17, local time, blockchain outlet CoinPost reported that CryptoRank said in a report released on June 15 that total crypto market capitalisation fell about 50 percent to around $2.1 trillion from a high of about $4.2 trillion in September 2025, while stablecoins' share rose sharply.

The key is market contraction rather than a surge in supply. Stablecoin supply rose only about 10.6 percent, to $316 billion from $286 billion. CryptoRank cited the main driver of the market-share gain as a shrinking denominator due to declines in the value of surrounding crypto assets, not a spike in new issuance. The report assessed the trend by saying, "In a correction phase of the crypto market, stablecoins have emerged as a central segment of Web3."

By token, Tether's USDT drove most of the increase. Of $30.4 billion in cumulative new supply added since September 2025, USDT accounted for $18.0 billion, or about 59 percent of the total. By contrast, Ethena's USDe recorded an $8.4 billion decline in supply due to problems at Binance in October 2025 and lower yields linked to market weakness.

The combined increase for Circle's USDC and Sky's USDS was $7.1 billion. Smaller issuers outside the top five increased supply by about $14.0 billion, growing about 64 percent. Market concentration remained high. USDT and USDC accounted for 83 percent of the total stablecoin market.

By growth rate, expansion by later entrants stood out. Among tokens with market capitalisation of at least $300 million, Paxos' USDG posted the highest growth rate, rising 360 percent. USYC rose 324 percent, Ondo's USDY gained 233 percent, PayPal's PYUSD increased 143 percent, and Ripple's RLUSD rose 131 percent.

These tokens were commonly issued by large companies in payments and finance. They were under $1 billion in size in September 2025 but later grew to $2 billion to $3 billion. CryptoRank pointed to a shared feature across many tokens: a structure that returns reserve yields to holders. USDY and USYC are tokenised Treasury-type tokens that directly provide U.S. Treasury yields, while PYUSD rewards users through PayPal's rewards programme.

This structure differs from the USDT and USDC model, in which issuers retain reserve yields. As a result, the stablecoin market is showing a trend in which its share has grown during the correction, while expansion by new issuers emphasising yield-sharing structures and the oligopoly of existing top tokens continue at the same time.