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Stablecoins cushioned crypto activity as market value sank $2.1 trillion
Chainalysis estimates crypto activity totaled about $9.4 trillion in the 12 months through June 30, while stablecoin-driven domestic P2P and cross-border transfers rose sharply.
Crypto’s market value fell about $2.1 trillion over the past year, but measured on-chain economic activity declined only slightly, highlighting a shift in where crypto activity happens during downturns, according to Chainalysis’s 2026 Global Crypto Adoption Index published Sept. 23 and reported by CryptoSlate.
Chainalysis said crypto generated about $9.4 trillion in activity during the 12 months through June 30, down from $9.5 trillion a year earlier, even as total crypto market capitalization fell about 50% in the same period. Value received by exchanges, decentralized finance protocols and other crypto services fell 4.3% to $8.9 trillion, while transfers directly between personal wallets within countries rose to $228.7 billion from $56.8 billion.
Stablecoins were central to the resilience. Inflows of dollar-pegged tokens into crypto services increased 5.3% even as overall service receipts declined, and stablecoins accounted for about 96% of domestic peer-to-peer activity. Cross-border stablecoin transfers increased 77.5% to $220.3 billion, with estimated monthly volume more than doubling to $24 billion in June from about $11 billion in January 2025, Chainalysis said.
Chainalysis also noted that the actual market may be larger because its calculations exclude transfers where either end cannot be confidently assigned to a country. During the reporting period, Bitcoin fell $67,000 from peak to trough, while on-chain stablecoin balances stayed in a $98 billion to $109 billion range even as the value of other on-chain crypto assets fell 55.6%, bringing stablecoins to 22.5% of measured balances by June.
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