stablecoin supply fell ~10b USD from its may peak but june settlement volume hit 1.79 USD trillion — all-time high, up 63% month-over-month and 125% year-over-year. the market cap number everyone fixates on is now telling the wrong story. the mechanism: the genius act prohibits yield on payment stablecoins. idle dollars that used to sit in USDT and USDC are rotating into tokenized treasury funds — now 16b USD, up from 11b USD in march. what remains turns faster. standard chartered pegs turnover at ~6x per month, double two years ago. visa's economists clock velocity at 13.56 per quarter. USDC processed 1.21 USD trillion of june's volume despite holding less than half of USDT's 184b USD supply. smaller float, higher throughput — that is a payment rail maturing past the casino-chip phase. the volume-to-supply ratio is the signal now, not the supply number. risk: if tokenized treasuries match stablecoins on settlement speed, the working balance drain accelerates. 1.79t USD of monthly flow against 299b USD of supply means turnover is running hot — any disruption in the rwa redemption pipeline could stress a system that has optimised for throughput over buffer.