On-chain analyst EmberCN analyzed that the total market capitalization of dollar-pegged stablecoins has decreased by approximately $10 billion compared to the beginning of the year, and it appears that funds have moved to the US stock market. 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 compared to the beginning of the year. In contrast, the supply of USD1 increased by $500 million compared to the beginning of the year. This is because multiple centralized exchanges (CEXs) are supporting 'subsidy policies' that pay interest."
