The stablecoin market has shrunk by $10 billion in two months, with an overall decrease of about 3%, much lower than the decline during the 2022 bear market.

According to ChainCatcher, the total circulation of stablecoins has fallen by about $10 billion from its May 2026 peak to approximately $312 billion, with a decrease of $7.7 billion in June alone—the largest single-month decline in US dollar terms since the Terra-Luna incident in 2022. Tether USDT’s supply dropped from about $190 billion to roughly $184 billion, and Circle USDC fell from nearly $80 billion to around $73 billion. However, the overall decline is only about 3%, which is far lower than the contraction of more than 26% during the bear market from 2022 to 2023.