Stablecoin Market Shrinks to $312B Amid Record Transaction Volume

The stablecoin market experienced its largest monthly contraction since Terra's collapse in May 2022, with supply dropping $7.7 billion to approximately $312 billion. This represents a 3% decline from May's high.

Despite this decrease, on-chain transaction volume surged to an unprecedented $1.79 trillion during June, marking a 63% month-over-month increase.

Circle's USDC facilitated $1.21T in transfers, accounting for nearly two-thirds of the total transaction volume, despite maintaining less than half the supply of Tether's USDT.