According to CoinDesk data, the total market capitalization of stablecoins has fallen by about $10 billion since the May peak, including a $7.7 billion decline in June alone, the largest single-month U.S. dollar drop since the Terra-Luna crash in 2022. On a proportional basis, this round of decline is about 3%, still far below the more than 26% contraction during the 2022 crypto bear market. Analysts believe this looks more like a short-term pullback within a long-term growth trend rather than a signal of systemic risk.