Bitget General Manager Gracy Chen: The total market value of stablecoins has reached its lowest level since September 2021, and the amount of funds is expected to continue to decline

ChainCatcher news, according to DefiLlama data, the current total market capitalization of stablecoins is approximately $124.3 billion, the lowest level since September 2021, with continuous outflows from the entire market. As of August 23, USDT's market capitalization reached $82.815 billion, accounting for 66.62% of the stablecoin market share, ranking first; the second and third largest by market capitalization are USDC ($25.57 billion) and DAI ($5.08 billion), respectively.

In terms of the outflow of funds from mainstream stablecoins, except for DAI, which has shown an upward trend due to the revival of RWA, centralized stablecoins including USDT and USDC have seen outflows of 1.15% and 3.55% this month, respectively; BUSD has experienced the most severe outflow in a single month, reaching 17.35%.

Gracy Chen pointed out: "The overall volume of stablecoin funds is expected to continue to decline, one reason being the ongoing decline in the crypto market, which has also led to a continuous decrease in mining yields around stablecoins, resulting in large funds exiting; secondly, the reduction in market wealth effects and the overall decrease in volatility are causing speculative capital to gradually withdraw. Thirdly, the Federal Reserve's continuous interest rate hikes are pushing up deposit rates, leading to significant outflows of dollar stablecoins. Additionally, a major positive event is needed to reverse the market trend and stop the outflow of stablecoins."