Total market cap of USD stablecoins shrinks by $10 billion, funds continue flowing to US stocks

CoinFeed July 4 news, according to on-chain analyst Yu Jin monitoring, the crypto market has been declining for half a year, the total market cap of USD stablecoins has shrunk by about $10 billion, current total is $300 billion, a large amount of outflow funds turned to the US stock market which has shown more wealth effect this year. The latest quarterly fund changes show a clear divergence: Tether (USDT): total decreased from about $189.8 billion to $184.1 billion, net outflow of about $5.7 billion. USD Coin (USDC): total decreased from about $79.6 billion to $73 billion, net outflow of about $6.6 billion, being the stablecoin with the largest outflow this round. USDC issuer Circle's related token performance is under pressure, its stock price also fell from about $136 to around $64, market expectations for its growth have cooled down.