Stablecoin Market Shrinks Amid Record Transaction Volume
The stablecoin market has experienced its first decline in four years, with a drop of $7.7 billion in June and a total market value of $300 billion, down from its May peak of $310 billion.
Despite this decrease in supply, the adjusted transaction volume reached a record high of $1.79 trillion in June, up 63% month-over-month (MoM) and 125% year-over-year (YoY).
The use of stablecoins continues to be robust, with people holding them as payment tools rather than leaving their holdings idle. The GENIUS Act's ban on yield from payments stablecoin providers drove $16 billion into treasury tokens, highlighting stronger crypto adoption and payment use-cases across DeFi, CEXs, and DEXs.
Business-driven payments are driving the growth of stablecoins, with a recent report indicating that USDC had a transaction volume of approximately $18.3 trillion in 2025, surpassing USDT's $13.3 trillion despite lower circulation.