DefiLlama data shows that the total market cap of stablecoins is approximately $314.469 billion, down about $730 million over the past 7 days, down 2.32% over the past 30 days, with USDT accounting for approximately 59.17%.

Stablecoins are the “ammunition depot” of the crypto market. Even if prices rebound but stablecoins don’t expand, it suggests more of a tug-of-war over existing positions rather than a large-scale influx of new funds.
Only if the total stablecoin supply turns back positive, and BTC stops breaking to new lows, could the move upgrade from a “dead cat bounce” into a “phase-long long setup window.”
If stablecoins keep shrinking, altcoins will be the most painful;
Mainstream coins may still get some support from ETFs and institutions, while altcoins can rely only on sentiment.
Can the total market cap of stablecoins grow again? Will on-chain stablecoin inflows on Solana, Base, Hyperliquid, and others recover?