Analyst: Stablecoin market cap down $10B YTD as funds move to US stocks

The total market capitalization of U.S. dollar-pegged stablecoins has fallen by approximately $10 billion since the beginning of the year, with funds appearing to have shifted to the U.S. stock market, according to on-chain analyst EmberCN. Citing data from CoinGecko, the analyst noted that the total supply of USDT has decreased by $5.7 billion year-to-date, from $189.8 billion to its current $184.1 billion, while USDC's supply has dropped by $6.6 billion over the same period. In contrast, the supply of USD1 has grown by $500 million since the start of the year. EmberCN attributed this increase to "subsidy policies" from multiple centralized exchanges that offer interest on the stablecoin.