Stablecoin market under pressure: approximately $10 billion in crypto capital outflows bring the market cap to the $3 trillion level, with US stocks becoming the primary destination.

Odaily reported that, according to on-chain analyst Yujin's monitoring, under the continued correction in the crypto market, the overall market capitalization of USD stablecoins has decreased by about 10 billion dollars from previous highs, with the current total size maintained at around 300 billion dollars. Meanwhile, some funds are believed to have flowed into the U.S. stock market, which has exhibited stronger wealth effects this year.

Latest quarterly data shows varying degrees of capital outflow among leading stablecoins:

Tether (USDT): Total supply dropped from approximately 189.8 billion dollars to 184.1 billion dollars, net outflow of about 5.7 billion dollars

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

USDC issuer Circle’s related tokens have been under pressure, and its stock price has also retreated from around 136 dollars to near 64 dollars, cooling market expectations for its growth.

In contrast, stablecoin USD1 recorded a net inflow of about 500 million dollars during the same period, with total supply rising from around 4.1 billion dollars to 4.6 billion dollars, making it one of the few assets to experience contrarian growth. However, this growth is partially believed to depend on interest rate subsidy incentive mechanisms from trading platforms, such as activities on certain exchanges that guide user holdings and trading behavior.