Stablecoin market shrinks for the first time since 2023, with Tether around $184 billion

According to CoinGecko's quarterly report for the second quarter of 2026, the stablecoin market capitalisation slipped 1.6% to $305.1 billion, the first quarterly decline in this market since the third quarter of 2023.

Over the same period, the total crypto market capitalisation fell 12.6%, or $304.8 billion, closing the quarter at $2.1 trillion. The market capitalisation of Tether, the world's largest stablecoin, fell to roughly $184 billion from about $190 billion in May.

A contraction in the stablecoin market is generally read as a sign of capital leaving the crypto industry. It carries particular weight for the Iranian market, where Tether is the main instrument for crypto transfers and savings.