According to CoinDesk data, the total market value of stablecoins has shrunk by about $10 billion since its May peak. In June alone, it fell by $7.7 billion, the largest single-month dollar drop since the Terra-Luna collapse in 2022. In percentage terms, this round of decline is about 3%, still far below the contraction of more than 26% 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.