The total market capitalization of stablecoins has decreased by more than $ 10 billion from the May peak, amounting to about $ 310 billion. This was the largest monthly drop since May 2022. However, the adjusted transaction volume for June 2026 has updated the historical maximum, reaching $1.79 trillion. The key factor in this structural gap was the GENIUS Act, passed in July 2025, which prohibited issuers from paying interest income on payment stablecoins, which fundamentally changed the behavior of market participants.

This regulatory ban did not destroy the underlying demand for profitability, but redirected capital into alternative financial instruments. Investors began to place their free funds in tokenized funds of US Treasury bonds, the total volume of which increased from $11 billion to $16 billion in five months. Circle's USYC fund has overtaken BlackRock's BUIDL product, while JPMorgan's similar instrument has seen an 87 percent increase in one month. Thus, legislative restrictions stimulated a large-scale flow of funds into the tokenized real assets sector.

The growth of transactional activity has significantly changed the balance of power in the digital currency market. The USDC stablecoin has become the main tool for institutional investors, securing about 70 percent of all transactions in the first half of 2026. At the same time, the circulation rate of digital dollars reached 13.56, outstripping the traditional M1 monetary unit by almost eight times. This dynamic marks the transition of the basic economy of the sector from earning on a percentage of reserves to monetization of payment infrastructure and corporate settlements.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.