Report: Total stablecoin market capitalization fell to approximately $308.3 billion in July, marking three consecutive months of net outflows.
2026.08.17 16:40:38
CryptoRank Research released a report showing that the total stablecoin market capitalization reached approximately $308.3 billion in July, a roughly 1% drop from June, and has stayed within the $300 billion to $320 billion range for 10 consecutive months. A total of around $13.3 billion in capital flowed out between May and July, marking the longest period of consecutive net outflows for stablecoins since 2022-2023. Usage of USDT and USDC continued to diverge: USDT on-chain transaction count hit an all-time high of 861.4 million in July, rising 11.4% month-over-month, while USDC transaction count fell to 656.7 million. In terms of on-chain transfer value, USDC led with roughly $3.6 trillion, 2.6 times higher than USDT’s $1.4 trillion. Stablecoin payment applications continued their growth: stablecoin payment card top-ups surpassed $1 billion for the first time in July, hitting approximately $1.084 billion, up 15.9% month-over-month. Of this total, USDC top-ups rose 46% month-over-month, significantly outpacing USDT’s 7% growth. Additionally, financing in the payment sector totaled around $244 million in July, ranking second in the crypto industry’s financing volume.
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