Stablecoin Market Cap Falls Over $10B from May Peak; June Transactions Hit Record
The market capitalization of stablecoins has declined by more than $10 billion from its May high to $310 billion, marking the largest monthly drop since the Terra collapse. However, June transaction volume surged to a new record of $1.79 trillion, up 63% month-over-month.
The stablecoin market cap has contracted by over $10 billion from its May peak, settling at $310 billion. This is the steepest monthly decline since the Terra collapse in May 2022.
Despite the drop in total value, stablecoin transaction volume reached a record $1.79 trillion in June, increasing approximately 63% from the previous month.
The divergence is attributed to the GENIUS Act, which prohibits issuers from paying interest on stablecoins. As a result, yield-seeking capital has shifted into tokenized U.S. Treasury funds, whose total value climbed from $11 billion to $16 billion over five months. Meanwhile, stablecoins are increasingly used merely as a settlement rail.
Source: ForkLog