The stablecoin market shrank by $7.7 billion in June, marking its biggest monthly decline in dollar terms since the 2022 Terra-Luna collapse.
The total value of stablecoins in circulation fell by roughly $10 billion from its May peak, according to data from RWA.xyz. This represents a 3 percent decline, far smaller than the 26 percent contraction seen during the 2022 crypto bear market.
Tether's USDT, the largest stablecoin, dropped from about $190 billion in May to roughly $184 billion. Circle's USDC fell to around $73 billion from a March 2026 peak near $80 billion.
Newer issuers gained ground amid the shift. Global Dollar surpassed $3.2 billion in circulation, while USDGO nearly doubled to $900 million.
Paul Howard, senior director at trading firm Wincent, described the move as a modest pullback. "The recent decline in stablecoin market cap represents a relatively small pullback in what we believe is a long-term growth market," he said.
