Woofun AI data shows that combined issuance of USDT and USDC contracted by approximately $13.9 billion in recent months, driven by a $7.4 billion drop in USDT and a $6.5 billion decrease in USDC. Despite this overall contraction, real economic transaction volume for stablecoins reached $8.82 trillion in the first half of the year, approaching last year’s peak of $10.8 trillion, with USDT accounting for over half of the activity.

Conversely, USDT issuance on the Tron network rose against the broader trend to a historical high of $90.3 billion, adding roughly $2 billion in the past month. This divergence suggests that the reduction in supply stems primarily from the Ethereum ecosystem, while demand for Tron in cross-border transfers and payment settlements continues to expand.