Svmuu News: According to monitoring by on-chain analyst Yu Jin, against the backdrop of an ongoing correction in the crypto market, the overall market capitalization of U.S. dollar-pegged stablecoins has fallen by approximately $10 billion from its previous high and currently stands at around $300 billion.Meanwhile, some capital is believed to have flowed into the U.S. stock market, which has demonstrated a stronger wealth effect this year.
The latest quarterly data shows that leading stablecoins have experienced capital outflows to varying degrees:
Tether(USDT): Total supply fell from approximately $189.8 billion to $184.1 billion, with a net outflow of about $5.7 billion
USD Coin (USDC): Total supply fell from approximately $79.6 billion to $73.0 billion, with a net outflow of about $6.6 billion, making it the stablecoin with the largest outflow in this round
Circle, the issuer of USDC, saw its stock price come under pressure, falling from approximately $136 to around $64, as market expectations for its growth have cooled.
In contrast, the stablecoin USD1 recorded net inflows of approximately $500 million during the same period, with its total supply growing from about $4.1 billion to $4.6 billion, making it one of the few assets to grow against the trend. However, this growth is partly believed to rely on interest subsidy incentives from trading platforms—such as campaigns on certain exchanges designed to encourage user holdings and trading activity.