Stablecoin total market cap falls to lowest in over a year, shrinking about $17 billion in 6 months

Odaily reports: CryptoQuant analyst Darkfost stated that the total market cap of the stablecoin market has dropped to its lowest level in over a year, falling from approximately $280 billion to $263 billion since April this year, a decrease of about $17 billion over 6 months, or roughly 6%. Binance currently accounts for about 70% of stablecoin supply on centralized trading platforms, and its stablecoin market cap 90-day moving average has dropped from $51 billion to $34 billion; following a previous hack on the platform, approximately $3 billion in stablecoins flowed out.

Darkfost stated that the decline in stablecoin market cap is related to insufficient market demand and a lack of new capital and liquidity inflows.