The market value of USDT has shrunk for two consecutive months, and the stagnant growth of stablecoins may cast a shadow over the recovery of the cryptocurrency market According to BlockBeats, on February 25th, the world's largest stablecoin Tether (USDT) experienced a 0.8% decline in market value to $183.61 billion this month, continuing the trend of about 1% decline from the historical high of $186.84 billion in January, and may record a second consecutive month of contraction. This is the first consecutive monthly contraction since the TerraForm Labs crash in 2022, seen as a signal of tightening market liquidity. Analysts point out that stablecoins are the "liquidity fuel" of the cryptocurrency market, and their supply contraction usually means a net outflow of funds. In this context, the continued sluggish demand for US spot Bitcoin ETFs has also made the market cautious about the sustainability of the rebound. In terms of price, Bitcoin has not been able to form sustained momentum since it stopped falling around $60000 on February 6th. Although it rebounded to above $70000 at one point, it has now fallen back to the range of about $65000 and fluctuated. At the same time, the market value of another mainstream stablecoin, USD Coin (USDC), has rebounded from a low of $70 billion in January to around $75 billion, but overall growth has stagnated this year, indicating a simultaneous slowdown in the expansion momentum of major stablecoins. Market participants believe that if the supply of stablecoins fails to expand again, the comprehensive repair of the cryptocurrency market still faces liquidity constraints.