Stablecoin Supply Suffers First Quarterly Decline in Three Years

The total supply of yield-bearing stablecoins fell by over $3.5 billion in Q2 2026, marking a decline of 15% and ending nearly three years of consecutive quarterly growth.

This drop was driven primarily by crypto-native products, with Ethena's sUSDe losing 52% of its supply, shedding close to $2 billion over the quarter. Sky's sUSDS fell by 16% during the same period.

In contrast, Treasury-backed tokens saw growth, with BlackRock's BUIDL increasing by 2%, Circle's USYC rising by nearly 16%, and Ondo Finance's USDY growing by over 66%.