Coindesk reported that the combined market capitalization of dollar stablecoins USDT and USDC decreased from $268 billion to $257 billion in the past two months. Coindesk analyzed, "While the proportion of the two stablecoins in the total crypto market cap has largely been maintained, investors are continuously selling cryptocurrencies for stablecoins and then redeeming them or moving them out of the on-chain ecosystem, rather than reinvesting them into risk assets."
