Stablecoin shakeup: $12.4B exits in two months
Stablecoins lost $12.413B from May 17 to July 18, 2026, including $1.555B in the week to July 18; Tether’s USDT held a $184.055B market cap.
Data compiled by DefiLlama on July 18 shows stablecoin issuers saw $12.413 billion leave the market between May 17 and July 18, 2026. The sector lost $1.555 billion in the seven days ending July 18. The outflow over the 62-day period is the largest net decline for stablecoins since 2022.
The outflows occurred while bitcoin and most major altcoins largely held their ground over the same period. The timing separates this episode from past stablecoin contractions that coincided with broad market selloffs.
At the top of the market, Tether’s USDT maintained a $184.055 billion market cap, easing 0.06% week over week. Circle’s USDC was second with a $73.376 billion market cap, down 0.04% for the week.
Among smaller issuers, Sky’s USDS fell 12.30% to a $6.66 billion market cap, the steepest weekly decline among the top ten. World Freedom Financial’s USD1 dropped 4.59%, and Sky’s DAI edged down 0.43% over the same week.
Some tokens gained value. Global Dollar’s USDG rose 9.08% to a $3.164 billion market cap, the strongest weekly performance among the top ten. PayPal’s PYUSD increased 1.60% to $2.877 billion. BlackRock’s BUIDL slipped 8.68% to $2.633 billion. Other mid‑tier tokens recorded a mix of small gains and losses across tokenized treasury and yield-bearing products.
The weekly and multiweek figures indicate movement of funds within the stablecoin sector: the largest fiat-backed issuers showed minimal weekly change, while newer and yield-oriented stablecoins experienced larger swings in supply and valuation.
Stablecoins are fiat‑pegged digital tokens commonly used as dollar substitutes for trading, settlement and yield products in decentralized finance. The combined market share of USDT and USDC remains dominant while smaller or newer offerings show more variable flows.
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