USDT accounts for nearly 60%, and this level of concentration looks a bit suspicious.

Crypto news: Since the stablecoin market hit its all-time high in May 2026, it has lost about $10 billion. In June, total supply fell by $7.7 billion to about $312 billion, marking the largest monthly drop since the TerraUSD collapse in May 2022. Current data shows that Tether’s USDT is about $184.15 billion and Circle’s USDC is about $73.41 billion. USDT still accounts for nearly 59% of the market, indicating the sector’s high dependence on these two largest dollar-backed tokens. Despite continued expansion by smaller compliant issuers during the same period, the overall market still faces pressure.