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Stablecoin market cap falls about $10 billion since May peak

Stablecoin supply dipped about 3% in June, with USDT down to roughly $184 billion and USDC near $73 billion, according to CoinDesk data.

Reported · Written up by our desk · Stablecoins

CoinDesk reports that the total market capitalization of stablecoins has fallen by about $10 billion since its May peak, including a $7.7 billion decline during June alone.

The June drop was the largest dollar retreat since May 2022, when the Terra-Luna collapse helped trigger a prolonged crypto bear market, though the percentage contraction in June was about 3%, far smaller than the 26% contraction seen in 2022.

CoinDesk Data attributes much of the contraction to the two largest issuers. Tether’s USDT declined to roughly $184 billion from about $190 billion in May, while Circle’s USDC fell to around $73 billion from just under $80 billion at its March 2026 peak.

The outlet notes that stablecoin declines may also matter because major stablecoins are commonly used as the quote currency for crypto trading and increasingly for payments and settlement, even as some analysts still expect long term growth.

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