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📉 The stablecoin market has just recorded its biggest drop since the collapse of Terra.
According to CoinDesk, the stablecoin market cap has fallen by about $10 billion from its May peak, including $7.7 billion just in June, which is the largest month-on-month decline in value since May 2022.
This drop is mainly linked to USDT, which fell from about $190 billion to $184 billion, and to USDC, which has dropped to about $73 billion.
Despite this historic decline in absolute value, the stablecoin market has contracted by only about 3%, showing that the sector remains far more important than it was during the Terra crisis.