On DefiLlama's count, dollar stablecoins in circulation stood at $304.7 billion on 30 October 2025, peaked at $315.5 billion on 17 May 2026, and stand at $299.6 billion on 30 October 2026. In July, Forbes reported the fall after the May peak as the first in four years. June 2026 still set a volume record of $1.79 trillion.
USDT is 37% of the baht trading on Bitkub's own order book on 30 October; on other days of the past month it has been near half.
In Thailand the Bank of Thailand has screened abnormally large USDT trades since July 2026. In September the SEC proposed a 5 million baht daily cap per operator and an own-wallet rule for stablecoin transfers. On 30 October Tether froze over $1.5 billion of USDT taken from Binance.
Speed: months
Flat for a year after four years of growth, with one bump to a May peak. A slow drift reads as money leaving on-chain dollars at the edges; a run would show as a step. The freezes cut both ways: they stopped part of the Binance theft, and they show one issuer can stop any address.