USDT Supply Shrinks by $5.5 Billion While Stablecoin Turnover Hits Record High
The supply of stablecoins has contracted for the first time in years, with total market capitalization falling 4.3% from its May peak to $308.5 billion. Despite this decline, June saw a record $1.83 trillion in adjusted transaction volume for stablecoins, a 60% increase from May. This divergence suggests a shift in usage patterns: less capital is sitting idle, while the remaining supply circulates more rapidly through payment and trading systems.
Specifically, the supply of Tether's USDT decreased from approximately $189.54 billion to $184 billion between May 1 and July 29, while Circle's USDC supply fell from $77.27 billion to $72.41 billion. Part of this capital appears to have moved into tokenized Treasury products, a sector whose value has grown to over $16 billion, partly driven by regulations like the 2025 GENIUS Act that prohibit interest payments on payment-focused stablecoins.
Transaction velocity is emerging as a key metric, with stablecoins now turning over about six times per month—double the rate from two years ago. USDC, despite having a smaller supply than USDT, processed about $1.21 trillion in adjusted volume in June, leading in settlement activity. While a significant portion of on-chain volume may not represent genuine economic payments, identifiable real-world payments have grown sharply, reaching an estimated $390 billion in 2025. The data indicates stablecoins are evolving from static collateral into active financial infrastructure.
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