Stablecoin Market Under Pressure: Crypto Capital Outflows of Approximately $10 Billion to $3 Trillion Market Cap Level, US Stocks Become Main Destination

According to on-chain analyst Yu Jin's monitoring, against the backdrop of a sustained crypto market correction, the overall market capitalization of US dollar stablecoins has decreased by approximately $10 billion from its recent peak. The total scale currently hovers around the $300 billion level. Meanwhile, some funds are believed to have flowed into the US stock market, which has demonstrated a stronger wealth effect this year.

Latest quarterly data shows 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 related to USDC issuer Circle are facing pressure, with its stock price also falling from around $136 to near $64, as market expectations for its growth have cooled.

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 grow against the trend. However, this growth is partly attributed to interest rate subsidy incentive mechanisms on trading platforms, such as exchange-led campaigns that guide user holdings and trading behavior.