Stablecoin transfers across borders have seen a significant increase of nearly 78 percent in the past year, despite a sharp decline in the broader crypto market.
According to Chainalysis, transfers of dollar-pegged tokens have surged from $124.2 billion to $220.3 billion in the 12 months leading up to June 2026.
Monthly volumes have more than doubled, rising from $11 billion in January 2025 to $24 billion by June 2026.
This growth in stablecoin transfers occurred amidst a 50 percent contraction in the total crypto market cap, representing the worst bear market since 2022.
The surge in stablecoin transfers was driven by smaller payments averaging around $3,000, used for various purposes such as supplier payments, remittances, and safeguarding savings from volatile local currencies.
Additionally, new trade corridors have rapidly emerged, with 4,708 fresh routes carrying $2.64 billion in value.
Stablecoin balances remained stable between $98 billion and $109 billion during the market downturn, while other crypto assets experienced a 55.6 percent decline.
By June 2026, stablecoins accounted for 22.5 percent of global on-chain balances.
Despite the price slump, the global crypto economy only contracted by 1.6 percent to $9.4 trillion.
Activity in stablecoin transfers has become more consistent, indicating a shift towards trade and business transactions rather than speculative trading.
Philip Gradwell, vice president of economics at Tether, emphasized the role of USDT in serving parts of the economy that were previously underserved by traditional finance due to high costs and restrictions.
“The real power of USDT lies in the long tail, the parts of the economy that were priced out or shut out because traditional financial technology was too expensive or too restricted. USDT can serve them because it costs on average one cent per transaction, settles instantly, and needs nothing more than a phone.”
Source: Chainalysis 2026 Global Crypto Adoption Index
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