The stablecoin market capitalization has experienced its largest monthly drop since the Luna collapse in May 2022. According to DefiLlama data, the total market cap of stablecoins fell by 0.33% over the past week, reaching $302.837 billion as of November 24. This represents a decrease of over $6 billion from its previous peak of $309 billion, highlighting a significant contraction in the stablecoin sector.