Stablecoin Recap Jul 20–27, 2026: USDT experienced a depeg, reaching a low of $1.34, 34% off its peg.

The total stablecoin market capitalization decreased from $303.06 billion to $301.92 billion, a decline of $1.16 billion or 0.38%. During the same week, the BIS cautioned that stablecoins could undermine capital controls in emerging markets.

Sperax USD (USDS) recorded the largest inflow, adding $0.138 billion. Anzen USDz (USDZ) followed with a $0.12 billion increase, while USDGO rose by $0.107 billion. USDC saw an outflow of $0.603 billion. Palm USD (PUSD) and PayPal USD (PYUSD) also faced outflows of $0.387 billion and $0.221 billion, respectively. In the same period, Circle, the issuer of USDC, announced plans to acquire nearly 1,000 IBM blockchain patents.

USDT ended the week with a dominance of 61.1%, up by 0.21 percentage points. USDC's dominance fell to 24.0%, a decrease of 0.11 percentage points. USDL also depegged slightly, reaching a low of $0.9739, 2.61% off the peg. The BIS issued a warning about the potential impact of stablecoins on capital controls in emerging markets.

Coinbase enabled businesses to accept USDC payments from AI agents, expanding its payment capabilities. Augustus raised $180 million to develop a stablecoin-ready "Global Dollar Bank." Additionally, Tether Gold was recognized as an Accepted Spot Commodity in Abu Dhabi's financial center. Meanwhile, a merger plan between Tether-backed Twenty One and Strike was scrapped, according to Bloomberg.

No directly relevant macro developments were recorded this week.