The total market capitalization of dollar-pegged stablecoins has decreased by approximately $10 billion year-to-date, with funds appearing to have moved to the US stock market, according to an analysis by on-chain analyst EmberCN. Citing CoinGecko data, he explained, "The total supply of USDT decreased by $5.7 billion, from $189.8 billion at the beginning of the year to $184.1 billion currently, and USDC also decreased by $6.6 billion year-to-date. In contrast, the supply of USD1 increased by $500 million year-to-date. This is because multiple centralized exchanges (CEXs) are supporting 'subsidy policies' that pay interest."
