Stablecoin Market Report: July 2026
Market cap fell $10B while transaction volume hit a record $1.79 trillion. July was the month stablecoins stopped being savings accounts and became payment rails.
Total stablecoin market capitalization, USD billions, June 2025 – July 2026. Monthly values interpolated between reported anchors. Source: Bitcoin Foundation market data.
The largest monthly drawdown since Terra. It isn’t a retreat.
Total stablecoin market capitalization stands at $318.3 billion per CoinMarketCap as of August 2, with $74.0 billion in 24-hour trading volume. Narrower payment-stablecoin baskets put the figure closer to $310 billion; on either count, the market is down more than $10 billion from its May peak, the largest monthly decline since May 2022. Yet over the same stretch, adjusted transaction volume reached $1.79 trillion in June, up 63% month-over-month. The balance sheet is shrinking while throughput accelerates.
Losses were not evenly distributed. Tether shed roughly $5.4 billion over 60 days, and one idiosyncratic accelerant stood out: Revolut’s USDT delisting drove an estimated $2 billion in monthly outflows ahead of its August 31 deadline.
| Stablecoin | Price | Market cap | Share |
|---|---|---|---|
| USDT Tether | $0.9997 | $186.91B | 58.7% |
| USDC Circle | $0.9998 | $75.61B | 23.8% |
| DAI Maker | $0.9996 | $5.36B | 1.7% |
| USD1 World Liberty | $0.9995 | $4.61B | 1.4% |
| USDe Ethena | $0.9995 | $4.50B | 1.4% |
| PYUSD PayPal | $0.9996 | $2.87B | 0.9% |
| USDG Global Dollar | $1.0000 | $2.55B | 0.8% |
| RLUSD Ripple | $1.0000 | $1.69B | 0.5% |
| USDD Tron DAO | $0.9996 | $1.35B | 0.4% |
| U United Stables | $1.0000 | $1.00B | 0.3% |
Top 10 stablecoins by market capitalization. Price, market cap, and share per CoinMarketCap, August 2, 2026.
July 2026 by the numbers
Where the $10B went: tokenized Treasuries
The GENIUS Act’s ban on issuers paying interest on payment stablecoins pushed idle balances next door. Tokenized Treasury products grew from $11 billion to $16 billion in five months. Circle’s USYC overtook BlackRock’s BUIDL as the segment’s largest fund, BUIDL holds near $2.9 billion across three chains, and JPMorgan’s competing product grew 87% in a single month.
Left: total stablecoin market cap. Right: tokenized Treasury AUM. Same timeline, March – July 2026; separate scales, so the two panels show direction, not relative size.
The takeaway for treasurers: stablecoins are specializing. The “park cash and wait” use case is migrating to tokenized money-market funds; what remains on-chain in stablecoins is working capital for payments, settlement, and FX.
PayPal outperforms while Sky leads the slide
PYUSD was the strongest top-15 performer at +4.25% on the week, with Ripple’s RLUSD also gaining. Sky Dollar led percentage declines; in dollar terms, USDT’s modest −0.43% still accounted for roughly 41% of the week’s total outflow.
Seven-day change in market capitalization, %. Source: Bitcoin.com weekly stablecoin report.
One year of GENIUS, zero final rules
A year after the GENIUS Act became law, final rules are still pending. July’s movements tightened the calendar:
- July 2026Treasury opened public comment on proposed rulemaking for state-level regulatory regimes.
- July 2026The OCC published proposed application requirements for payment stablecoin issuers.
- July 2026California repealed its state stablecoin licensing provisions (SB 97), deferring to the federal framework.
- Sept 25, 2026OCC comment window closes. For issuers, the comment window is the lobbying window.
$261M raised, nearly all of it plumbing
Late July’s rounds went overwhelmingly to infrastructure rather than new coins. Augustus raised $180M at a $1B valuation (led by Tiger Global) for stablecoin clearing; Velocity took $38M to push stablecoins into corporate treasury. Investors are funding the rails, not the trains.
Announced rounds, USD millions, late July 2026. Sources: PANews, FinTech Global, PYMNTS.
Four themes heading into August
Incumbent rails
Visa’s new Stablecoin Platform lets banks mint and redeem through one interface, on top of $3.7B in stablecoin-linked card volume. Samsung demoed USDC in Samsung Wallet across 1B+ devices.
The yield war
Goldman’s CEO backs the Clarity Act; six banking trade groups oppose it, warning stablecoin yields will siphon deposits. No Senate vote before the August recess.
Tokenized cash
Treasurers now choose between payment stablecoins and yield-bearing tokenized funds. BIS Project Agóra settled a live six-currency test in ~80 seconds across 28 banks.
Contract risk
WEMIX$ collapsed to $0.0008 after a breach enabled ~$5.2M in unauthorized minting. Reserve quality and contract security are different risks; attestations tell you nothing about code.
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