Stablecoin Recap Jun 22–29, 2026: BIS warns stablecoins risk fragmenting global financial system.

The total market capitalization of stablecoins decreased from $307.59 billion to $306.55 billion, a decline of $1.85 billion or 0.6%. This contraction occurred during a week when the BIS warned that stablecoins could fragment the global financial system.

DAI on PulseChain saw the largest inflow, increasing by $0.361 billion. Global Dollar followed with a $0.16 billion rise. Agent USD added $0.023 billion. USDC experienced an outflow of $1.009 billion. Royal Dollar lost $0.25 billion, a 99.9% decrease. Osmosis allUSDT declined by $0.209 billion. In the same period, Spark migrated $150 million in stablecoin to Uniswap to advance shared liquidity.

USDT ended the week with a dominance of 60.8%, up by 0.13 percentage points. USDC's dominance decreased by 0.25 percentage points, closing at 24.1%. A depeg event affected USD1, which fell to a low price of $1.1, 10% off its peg. The BIS issued a warning about the potential for stablecoins to fragment the global financial system. OpenPayd secured a MiCA license, reflecting growing stablecoin adoption in Europe.

Coinbase and Circle underperformed compared to Big Tech as the stock slump deepened. Circle and Nomura reportedly eyed Japan's corporate FX market for stablecoin settlement. Credit unions managing $25 billion joined a stablecoin infrastructure program. Opera's MiniPay launched a Visa debit card for stablecoin spending.

The Supreme Court blocked Trump's attempt to fire Federal Reserve governor Lisa Cook. This decision, regarded as a victory for central bank independence, returned the matter to the lower courts.