Stablecoin supply fell another $1.24 billion last week as DEX spot and perpetual volumes rebounded, while institutional crypto buying stayed muted and protocol revenue was broadly steady.
The stablecoin market has contracted by $12.4 billion since mid-May 2026, and supply fell by another $1.24 billion last week, extending a broader liquidity pullback even as trading activity on decentralized exchanges improved. Spot trading volume on DEXs rose 1.7% week over week, while perpetual contract volume rebounded 9.23%. Institutional buying remained subdued during the period. Public companies added just 101.5 BTC, valued at about $6.53 million, while Strategy neither bought nor sold BTC. In Ethereum-related treasury activity, Bitmine acquired 7,430 ETH worth $13.92 million. Protocol revenue was broadly steady, with SLVR posting the strongest growth at 948%. The combination of falling stablecoin supply and recovering DEX activity suggests on-chain trading demand improved modestly, but without a corresponding pickup in corporate accumulation.