On-chain analyst Darkpost reported that the stablecoin market capitalization has fallen by approximately 6% from $280 billion in April to $263 billion currently, marking its lowest level in over a year, due to insufficient market demand and a lack of new liquidity. He stated, "A decline was also observed on Binance, where approximately 70% of the stablecoin supply on exchanges is concentrated. During a recent hacking incident, about $3 billion worth of stablecoins were leaked, and Binance's stablecoin market cap decreased from $51 billion to $34 billion based on a 90-day moving average. Weakening market demand and sluggish inflow of new liquidity are the main reasons. In addition to geopolitical and economic uncertainties, a series of hacking incidents in the cryptocurrency industry have dampened investor sentiment. To prevent the recent positive market trend from reversing, liquidity recovery is urgently needed."
