The stablecoin market, valued at $206 billion, has seen changes in the first six days of 2025. Tether (USDT) and Ethena USD (USDE) experienced significant outflows, losing a total of $3.98 billion. Tether's market capitalization dropped to $137.21 billion from its peak of over $141 billion, while USDE decreased by $190 million to $5.81 billion. Meanwhile, USD0 and USDX are climbing the ranks as their supplies expand. USD0 is now the fifth-largest stablecoin with a market cap of $1.864 billion, and USDX has grown to become the ninth-largest at $585.23 million. Despite the reduction, Tether remains dominant with a market valuation almost three times that of its closest competitor.



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