USDT and USDC both shrank over the latest quarter as six months of crypto-market weakness weighed on the sector, while USD1 rose to about $4.6 billion amid capital rotation into U.S. stocks.
The total market value of U.S. dollar stablecoins has fallen by about $10 billion to around $300 billion after six months of weakness in the crypto market, with capital rotating into U.S. stocks, on-chain analyst Ember said. Over the latest quarter, the contraction was driven mainly by the two largest dollar-pegged tokens, with USDT falling from about $189.8 billion to $184.1 billion and USDC declining from about $79.6 billion to $73.0 billion. In contrast, USD1 increased from about $4.1 billion to $4.6 billion.