CryptoRank states that since the peak of the crypto market in September 2025, the market share of stablecoins has nearly doubled, but the supply of stablecoins has only increased from $286 billion to $316 billion, a 10.6% increase; during the same period, the total crypto market cap decreased from $4.21 trillion to $2.10 trillion, a decline of about 50%. CryptoRank says this indicates that the rise in stablecoin market share is mainly driven by the overall decline in the crypto market rather than large-scale new issuance. During the same period, the net increase in stablecoin supply was $30.4 billion, with USDT increasing by $18 billion, contributing about 60%; USDT and USDC still account for 83% of the total stablecoin supply.