Combined circulating supply of the two largest stablecoins, USDT and USDC, has fallen by about $13.9 billion amid a broader crypto market downturn in recent months. According to ChainCatcher, EmberCN monitoring data shows USDT supply declined by about $7.4 billion and USDC by about $6.5 billion. Despite the contraction in overall issuance, stablecoin usage in real-economy scenarios continued to rise. In the first half of this year, stablecoins’ real-economy transaction volume (ATV) reached $8.82 trillion, nearing last year’s full-year record high of $10.8 trillion, with USDT contributing more than half. Against the broader pullback, USDT issuance on the Tron network climbed to a record $90.3 billion, adding about $2.0 billion over the past month. EmberCN attributed the net decline in stablecoin supply mainly to the Ethereum ecosystem, which is more DeFi-focused, while Tron’s demand in cross-border transfers and payment settlement continued to grow steadily.
