Stablecoin Market Under Pressure: Crypto Capital Outflows of ~$10 Billion Amid $3 Trillion Market Cap; US Stocks Become Primary Destination

Odaily Planet Daily News According to on-chain analyst Ember's monitoring, amidst the ongoing correction in the crypto market, the total market capitalization of USD stablecoins has decreased by approximately $10 billion from its recent peak, currently maintaining a total scale of around $300 billion. Meanwhile, some funds are believed to have flowed into the US stock market, which has exhibited stronger wealth effects this year.

The latest quarterly data reveals varying degrees of capital outflow among leading stablecoins:

Tether (USDT): Total supply decreased from approximately $189.8 billion to $184.1 billion, a net outflow of about $5.7 billion.

USD Coin (USDC): Total supply decreased from approximately $79.6 billion to $73 billion, a net outflow of about $6.6 billion, making it the stablecoin with the largest outflow in this round.

Tokens associated with USDC issuer Circle are also under pressure, with its stock price declining from around $136 to near $64, indicating a cooling of market expectations for its growth.

In contrast, the stablecoin USD1 recorded a net inflow of approximately $500 million during the same period, with its total supply growing from about $4.1 billion to $4.6 billion, becoming one of the few assets to increase against the trend. However, this growth is partly attributed to interest subsidy incentive mechanisms on trading platforms, such as activities on certain exchanges that guide user holdings and trading behavior.