Stablecoin Recap Jul 27–Aug 3, 2026: USDT experienced a $0.746 billion outflow during regulatory discussions in South Korea.

The total stablecoin market cap began the week at $301.92 billion and ended at $300.23 billion, a decline of $1.71 billion or 0.57%. During a week that also saw South Korea plan stablecoin rules, the market navigated through various issuer-specific developments.

Global Dollar (USDG) led inflows with an increase of $0.143 billion. JPYSC followed, adding $0.122 billion, and JupUSD gained $0.046 billion. Osmosis allUSDT (USDT) saw the largest outflow, decreasing by $0.746 billion. USDC also experienced a reduction, losing $0.592 billion. Sperax USD (USDS) declined by $0.307 billion. In the same period, Tether reported a $1.5 billion profit for Q2, largely attributed to US Treasury holdings. Visa outlined its stablecoin strategy during its Q3 earnings call.

USDT's dominance ended at 61.1%, a slight increase of 0.09 percentage points. USDC's dominance decreased to 24.0%, down by 0.06 percentage points. USDL depegged to a low of $0.8677, a 13.23% deviation, and USDT briefly traded at $1.18, deviating by 18.0%. Regulatory developments included South Korea's plans for stablecoin rules and the IMF's warning on Brazil's stablecoin activity outpacing traditional capital flows.

In other developments, South Korean stablecoin outflows exceeded $367 million in June, as reported in a recent study. Additionally, the UK policy sprint identified cross-border payments as the primary use case for stablecoins. Aave considered closing six V3 blockchain markets and offboarding 50 low-use reserves, reflecting ongoing adjustments in the DeFi market.

No directly relevant macro developments were recorded this week.