Stablecoin Supply Falls $10 Billion in Two Months to $312 Billion, Down 3% Since May

According to ChainCatcher, stablecoin total supply declined approximately $10 billion from May 2026 highs to about $312 billion, with June alone accounting for $7.7 billion of the drop—the largest single-month decline since the 2022 Terra-Luna event.

Tether (USDT) supply contracted from approximately $190 billion to $184 billion, while Circle (USDC) fell from near $80 billion to about $73 billion. The overall 3% contraction remains significantly smaller than the over 26% decline seen during the 2022-2023 bear market.