According to Forbes, the total market value of stablecoins has decreased by about $10 billion from its May peak to about $300 billion, with a $7.7 billion drop in June alone—the largest decline since the Terra collapse. However, during the same period, the adjusted stablecoin trading volume rose to a record $1.79 trillion, up 63% month-over-month and 125% year-over-year, indicating that the market is shifting from “hoarding assets” to high-frequency payment and settlement tools.