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BTC The stablecoin market shrank by US$7.7 billion in June, the largest monthly decline since 2022.
Since its peak in May, the stablecoin market size has shrunk by approximately US$10 billion, of which June shrank by US$7.7 billion in a single month, making it the largest month in the value of the US dollar in this sector since 2022.
Key data:
·The total market value of stablecoins fell by US$7.7 billion in June to approximately US$312 billion, the largest monthly decline since the TerraUSD crash.
· USDT and USDC led the decline, with the two together evaporating approximately US$13 billion from recent peaks.
·The 3% correction is still much smaller than the 26% contraction during the 2022 bear market.
The market value of stablecoins continues to decline
Chain data shows that the total supply of stablecoins decreased by US$7.7 billion last month to approximately US$312 billion. Since the TerraUSD crash in May 2022 triggered a long-term bear market, there has never been such a huge evaporation of the value of the dollar in a single month in this sector. Calculated from its peak in May, the current correction is close to US$10 billion, a drop of about 3%, the largest pullback since 2023.
Tether's USDT accounted for the largest share of capital outflows. Its market value fell to approximately US$184 billion from US$190 billion in May, a decrease of approximately US$6 billion, although the token still accounts for nearly 59% of the market. Circle's USDC fell to about $73 billion from a peak of nearly $80 billion in March, evaporating nearly $7 billion in four months. These two major issuers together contributed most of the decline in this sector.
Market analysis: Short-term fluctuations are normal
Paul Howard, senior director of trading firm Wincent, described the correction as "a relatively small correction in what we believe to be a long-term growth market." He believes that short-term fluctuations in liquidity are normal and will not change the role played by stablecoins in digital asset transactions.Traders pay close attention to total supply because stablecoins are the main denominated currency for cryptocurrency transactions, and their liquidity is seen as a barometer of market liquidity. The competitive landscape also reveals part of the reason: While the two giants are shrinking, emerging compliant issuers backed by Paxos and Anchorage Digital are expanding-helped by last year's GENIUS Act opening up the U.S. market. Usage remains firm, with trading volumes climbing last month despite reduced supply.
From December 2025 to February 2026, supply fell by approximately US$9 billion, and then rebounded to a record high driven by Bitcoin's rebound from around US$60,000. The recession in 2022 was even more severe. After the collapse of FTX and the collapse of several cryptocurrency lending institutions, investors fled digital assets, causing the value of stablecoins to evaporate by 26% in about 18 months.
