Stablecoins now represent 75% of total crypto trading volume, with quarterly transactions surpassing $28 trillion despite bot-driven activity.
The stablecoin market cap retreated to $315 billion after peaking at $322 billion earlier this year. The decline follows a first-quarter surge that added $8 billion to the supply, marking its first reach of $315 billion in 2026.
Transaction volume for stablecoins exceeded $28 trillion in the quarter, accounting for 75% of all crypto trading activity. However, data suggests bots generated approximately 76% of this volume, raising questions about organic demand.
Regulators in Asia, including China, are monitoring stablecoins more closely as their cross-border use expands. The shift comes amid broader efforts to integrate digital assets into traditional financial systems.