Stablecoin Market Loses $10B in a Month — USDC Outpaces USDT in Transaction Activity

We break down what’s happening in the stablecoin market at the end of July 2026. Total stablecoin market cap has fallen to $310 billion, shedding more than $10 billion from its May peak. That’s the largest monthly decline since the Terra crash in May 2022, DeFiLlama reports.

Hot topic: Ripple Launches Mint for Institutional RLUSD Operations and Integrates Stablecoin With Notabene At the same time, adjusted transaction volume hit a record $1.79 trillion in June, up 63% month-over-month.

The gap between falling market cap and rising volume is explained by changing regulatory conditions and capital rotation into alternative yield-bearing instruments. Total Stablecoin Market Capitalization as of the End of July 2026.

Source: DeFiLlama Stablecoins: GENIUS Act and the Shift in Issuer Business Models A key factor is the GENIUS Act, passed in July 2025, which banned stablecoin issuers from paying interest on payment tokens.