The total stablecoin market capitalization fell by $12.73 billion since May 22, reaching $300.36 billion as of October 25.
According to DefiLlama data, Tether (USDT) had a market capitalization of $182.423 billion, down $1.29 billion over the past 30 days. Over the same period, USD Coin (USDC) fell by $4.69 billion to $71.743 billion.
Among the leading stablecoins, the combined market capitalization of 13 assets with available 30-day data declined by $5.82 billion, with USDC accounting for approximately 80% of the decrease.
Because stablecoins are used as readily available funds in the cryptocurrency market, a decline in supply may be interpreted as a signal of reduced market liquidity. However, Bitcoin.com explained that not all funds leaving stablecoins necessarily exited the cryptocurrency market, and that some may have moved into other assets, such as tokenized Treasury products.