Stablecoin Market Under Pressure: ~$10 Billion in Crypto Outflows Near $3 Trillion Market Cap, US Stocks Become Main Destination

Odaily Planet Daily News According to on-chain analyst Ember monitoring, against the backdrop of a sustained correction in the crypto market, the overall market capitalization of USD stablecoins has decreased by approximately $10 billion from its previous peak, currently maintaining a total scale of around $3,000 billion. Meanwhile, some funds are believed to have flowed into the US stock market, which has shown stronger wealth effects this year.

Latest quarterly data reveals varying degrees of capital outflows 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

Circle, the issuer of USDC, has seen related token performance under pressure, with its stock price also falling from around $136 to near $64, cooling market expectations for its growth.

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