While stablecoins grew rapidly in 2024–2025, that momentum has largely flattened since Q4 last year. On a monthly basis, the slowdown is driven primarily by USDT and USDC, whose market caps have contracted, while newer entrants such as PYUSD and RLUSD have continued to gain share.
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While stablecoins grew rapidly in 2024–2025, that momentum has largely flattened since Q4 last year. On a monthly basis, the slowdown is driven primarily by USDT and USDC, whose market caps have contracted, while newer entrants such as PYUSD and RLUSD have continued to gain share.