TechFlow 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 overall market. Currently, USDT's market cap reached $82.815 billion on August 23, accounting for 66.62% of the stablecoin market share, ranking first; USDC ($25.57 billion) and DAI ($5.08 billion) rank second and third in market capitalization respectively.
In terms of outflows among major stablecoins, apart from DAI which has regained momentum due to RWA and shows an upward trend, centralized stablecoins including USDT and USDC saw outflows of 1.15% and 3.55% respectively this month; BUSD experienced the most severe monthly outflow at 17.35%.
Gracy Chen pointed out: "The overall stablecoin funding volume is expected to continue declining. One reason is the ongoing downturn in the crypto market, leading to continuously decreasing mining yields around stablecoins, thus prompting large-scale capital withdrawals. Secondly, reduced market wealth effects and lower overall volatility are causing speculative capital to gradually exit. Thirdly, the Federal Reserve's continuous rate hikes have pushed up deposit rates, resulting in significant outflows from USD-denominated stablecoins. Additionally, a major positive event will be needed to drive a market turnaround, thereby halting the outflow of stablecoins."
