Stablecoins have been climbing, while the rest of the market has been under pressure.
Bitcoin fell from the early October peak near $126,200 to below $85,000 last week.
A drop of about one-third in a little over a month.
Yet stablecoin supply moved higher.
Total stablecoin supply is now in the $305-310 billion range, the highest level recorded by public trackers.
The sector had crossed $200 billion in December 2024, meaning more than $100 billion has been added since then.
The split inside that number is clear.
Synthetic stablecoins are shrinking.
Ethena’s USDe fell from roughly $9.3 billion in early November to about $7.1 billion by month's end. A contraction of nearly $2.2 billion in four weeks.
However, fiat-backed stablecoins moved the other way.
USDT supply remains the largest, sitting near the $185 billion mark.
This is the largest single pool of dollar liquidity on-chain.
USDC has climbed to roughly $78 billion based on Circle’s latest published reserves.
This continues a steady climb that began earlier this year.
PYUSD was the standout mover in November.
Its supply rose from about $2.8 billion to around $3.8 billion, a one billion dollar increase in one month.
Fiat-backed stablecoins now account for about 97% of the entire stablecoin sector.
This shows where traders kept their dollars during the downturn.
History gives rhythm to these moves.
Stablecoin supply growth has been a feature of several earlier recovery phases.
Across the 2020 rebound, the 2021 mid-cycle pullback, the post-FTX bottom, and the 2024 to 2025 ETF-driven run, supply expansion typically came before stronger market conditions.
Supply led in every past cycle, and prices caught up later.
The same setup is forming now.
Record stablecoin levels.
Fiat-backed coins are growing.
Synthetic supply easing.
No signs of capital leaving.
It leaves the market split between caution and quiet confidence.
Caution from the pullback in complex designs, and confidence from the sheer amount of on-chain dollars that stayed put.
The setup is forming. The next move belongs to the market. DYOR before you take yours.
The global crypto market cap edged up 2.21% to $3.1 trillion, thanks to the strong rebound in Bitcoin and solid performance by Ethereum. Bitcoin, the world’s largest crypto, stabilized above $90k, likely driven by dip-buying, after a lackluster performance in the past few weeks. Altcoins such as BNB, SOL, and ADA also made gains.
Weekly price movement:
BTC $91,987 ⏫ 6.21% (1W)
ETH $3,158 ⏫ 11.39% (1W)
BNB $908 ⏫ 9.92% (1W)
SOL $138 ⏫ 8.70% (1W)
ADA $0.4354 ⏫ 12.89% (1W)
(All data here as of 3:00 p.m., 8 December 2025)
Before we conclude, here’s a quick look at some important news from around the crypto world.
Ethereum activated its highly anticipated “Fusaka” upgrade on Dec. 3, marking the blockchain’s second major code change of 2025. The update is designed to help Ethereum handle the increasingly large transaction batches coming from the layer-2 networks that settle on top of it, according to CoinDesk.
Solana Mobile has released new details about SKR, the forthcoming native token for its Seeker smartphone ecosystem. The company said SKR will launch in January 2026, forming the economic and governance backbone of its decentralized mobile platform, according to CoinDesk.
That’s it for now. Thanks for sticking around.
See you later, folks! 👋