[Stablecoin Market Under Pressure: Approximately $10 Billion in Crypto Outflows, Market Cap Drops to $3 Trillion Level, U.S. Stocks Become Primary Destination] Odaily Planet Daily reports, according to on-chain analyst Yu Jin's monitoring, amidst the ongoing correction in the crypto market, the overall market cap of USD stablecoins has dropped by approximately $10 billion from its previous peak, currently maintaining a total scale of around $300 billion. Meanwhile, some funds are believed to have flowed into the U.S. stock market, which has demonstrated stronger wealth effects this year. The latest quarterly data shows varying degrees of capital outflows from leading stablecoins: - **Tether (USDT):** Total supply decreased from approximately $189.8 billion to $184.1 billion, with a net outflow of about $5.7 billion. - **USD Coin (USDC):** Total supply decreased from approximately $79.6 billion to $73 billion, with a net outflow of about $6.6 billion, making it the stablecoin with the largest outflow in this round. The related token issued by USDC's issuer, **Circle**, is also under pressure, with its stock price falling from around $136 to near $64, reflecting a cooling of market expectations for its growth. In contrast, the stablecoin **USD1** recorded a net inflow of approximately $500 million during the same period, with its total supply increasing from around $4.1 billion to $4.6 billion, making it one of the few assets to achieve countertrend growth. However, part of this growth is believed to rely on incentive mechanisms such as interest rate subsidies provided by trading platforms, which guide user holdings and trading behavior through promotional activities on certain exchanges.