Stablecoin Market Cap Sees Largest Drop in Four Years in June, Trading Volume Hits Record High

According to Forbes, the total market capitalization of stablecoins has fallen from a peak of approximately $300 billion in May to around $290 billion. The $7.7 billion drop in June marked the largest monthly decline since the Terra collapse in 2022. USDT fell from approximately $190 billion to $184 billion, and USDC dropped from $80 billion to $74 billion. However, adjusted trading volume reached a record high of $1.79 trillion during the same period, a 63% increase month-on-month and a 125% increase year-on-year. The decrease in market capitalization is related to the GENIUS Act prohibiting the issuance of stablecoin payment yields. Idle funds have shifted to tokenized Treasury funds with yields of about 4%. The scale of these funds has grown from $11 billion in March to nearly $16 billion. Among them, Circle's USYC has surpassed BlackRock's BUIDL, and JPMorgan Chase's product has seen an 87% monthly increase. Stablecoin turnover rate is about 6 times per month, double that of two years ago. Visa estimates a quarterly turnover rate of 13.56 times, compared to only 1.65 times for US M1. USDC accounted for about 70% of the adjusted trading volume in the first half of the year, while USDT accounted for about 25%. USDC's annual trading volume of $18.3 trillion surpassed USDT's $13.3 trillion. Citi predicts that the stablecoin market capitalization could reach $1.9 trillion by 2030, provided that payment adoption drives growth rather than speculative trading.