According to CoinMeta, as compiled by Wu, in August 2026, the circulation of USDT and USDC turned back to net growth, with a monthly increase of about $1.7 billion, ending a period of three consecutive months of net contraction. From May to July, the circulation decreased by about $2.6 billion, $6 billion, and $2.2 billion respectively. Historical data shows that when the monthly increase in major stablecoins exceeds $10 billion, it usually corresponds to a strong expansion of liquidity. In 2021 and at the end of 2024, the monthly increases exceeded $18 billion, and during the bull market in 2025, they also reached levels between $8 billion and $12 billion several times. In contrast, the current increase of about $1.7 billion is still at a relatively low level. During the same period, Bitcoin has rebounded from around $60,000 to near $80,000, but the increase in stablecoins has not yet returned to the levels seen during previous upward cycles. Currently, it is more akin to a preliminary recovery after the stop of liquidity decline, rather than a new round of large-scale capital expansion.