The stable currency market is approaching the $30 billion threshold. The encryption trading company Cumberland states that since 20 May, the total market value of the stable currency has declined from approximately $32.1 billion to about $305 billion, a decrease of about 5 per cent, one of the third largest withdrawals since the industry was recorded.

DefiLlama gave a lower real-time calibre of about $30,766 million on August 16. The differences between the two sets of data are mainly related to differences in statistical time and methods. According to DefiLlama, Tether's USDT still accounts for 60.84% of the market share.

We haven't seen a clear break in this round.

The greatest difference between this downturn and previous rounds of currency contraction was that there was no significant price instability in the mainstream dollar. Cumberland states that during the current round of evacuations, USDT mostly fluctuated between US$ 0.9988 and US$ 0.9992, and USDC essentially remained above US$ 0.9997.

This means that although the market size has been reduced, investors have not concentrated on the sale of USDT or USDC. The change in this round is more like an orderly withdrawal of funds from the traditional encrypted trading scene than a loss of confidence in the mainstream stabilization currency itself.

In contrast, in 2022, the TerrausD crash first wiped out about $16 billion in market value, and then triggered a broader foreclosure pressure. During the United States banking crisis early in 2023, USDC was also hit by the storage of a portion of the Circle reserve at Silicon Valley Bank. Again, in 2019, USDT fell briefly to $0.96 and fell below $0.99 in the longer term.

The money is still on the chain.

According to Cumberland, this change does not necessarily mean that the funds leave the block chain. In parallel with the fall in the market value of the traditional stable currency, the chain-based cash equivalent has grown by 101 per cent since the beginning of 2026. Such products allow users to continue to keep their assets in the chain while at the same time reaping proceeds, rather than simply using stable currency for trading and settlement.

The non-dollar stabilization currency is also expanding. The Cumberland data show that the total market value of such stable currencies has risen from about $1.3 billion at the beginning of the year to over $1.5 billion. The EuroStabilized EURC issued by Circle also increased from $658 million to approximately $756 million.

Follow-up on the return of funds

In terms of current performance, the key observation point for stabilizing the currency market is not only whether the USSDT and USDC will maintain the US$ 1 anchor, but also whether billions of dollars of traditional stabilization currency will flow out of it, and whether they will be able to return to this block.

Further changes in the financial structure within stable currency markets are likely to occur if transaction demand continues to weaken, while assets and tokenized financial products along the revenue chain continue to expand.