Stablecoin market capitalization has fallen to its lowest level in more than a year, according to CryptoQuant analyst Darkfost in a report carried by BlockBeats. The total market cap fell from about $280 billion in April to $263 billion, a decline of roughly $17 billion, or 6% over six months.
Binance balances also contract
Binance accounts for about 70% of stablecoin supply held on centralized trading platforms, the report said. Its 90-day moving average for stablecoin market capitalization fell about 20%, from $51 billion to $34 billion. Darkfost also attributed part of the recent pressure to roughly $3 billion in stablecoins leaving Binance after an earlier hack.
Liquidity and risk appetite
Darkfost said the decline has lasted more than a year and reflects weak demand and a lack of new capital and liquidity inflows. The analyst cited geopolitical and economic conditions, along with repeated security incidents in crypto, as factors that may be affecting risk assessments. Those are attributed analytical views; the report does not establish a market forecast.
Source: BlockBeats English report, published Nov. 3, 2026.