Stablecoin vs. M2 Data: The total market cap of stablecoins is approximately $30.792 billion, down 1.13% over the past 30 days. The reduction in stablecoin supply has led to tighter market liquidity, directly impacting Bitcoin's price. As supply fluctuates, price volatility increases, and the market structure undergoes significant changes. The liquidity of stablecoins affects the overall depth and trading activity of the cryptocurrency market. The supply and demand mechanism of stablecoins, driven by minting and burning cycles, influences capital flow and market stability. Supply fluctuations not only impact prices but also make the microstructure of the market more fragile. (cryptoslate)