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The total market capitalization of USD stablecoins has shrunk by $10 billion, with funds continuing to flow into U.S. stocks.
The latest quarterly capital flow changes show a clear divergence:
Tether (USDT): total supply decreased from approximately $189.8 billion to $184.1 billion, with a net outflow of about $5.7 billion;
USD Coin (USDC): total supply decreased from approximately $79.6 billion to $73 billion, with a net outflow of about $6.6 billion, making it the stablecoin with the largest outflow in this round;
USDC issuer Circle's related tokens are under pressure, with its stock price falling from around $136 to near $64, and the market's growth expectations for it have cooled.
In contrast, the stablecoin USD1 recorded a net inflow of about $500 million during the same period, with its total supply increasing from approximately $4.1 billion to $4.6 billion, making it one of the few assets to grow against the trend. However, this growth is partly attributed to interest subsidy incentives from trading platforms, such as activities on some exchanges that guide user holdings and trading behavior.