USDC issuance has been continuously declining since December 10, 2025. It has already decreased by $7.7 billion from its peak. USDT issuance also peaked on December 31, 2025, and started to decline slowly. Stablecoin issuance always begins to decline a few months after BTC peaks. USDC's use cases outside the crypto industry are still not enough to offset the crypto bear market. This bottom after Circle hit a new low is definitely worth paying attention to. CRCL HOOD