The total stablecoin issuance has decreased by nearly $8 billion over the past month, with USDC dropping by close to $6 billion. You can see that the issuance of USDT and USDC both turned downward around mid-January and January 20th. The significant reduction in stablecoin issuance is likely largely influenced by the stalled progress of clear legislative bills (which happened to be around mid-January), and this might also be one of the reasons for the further weakening of the crypto market.