Woofun AI reports that the total market capitalization of dollar-based stablecoins has decreased by approximately $10 billion from its peak, currently standing at around $300 billion amid broader crypto corrections. Capital rotation appears directed toward the U.S. stock market, which has demonstrated superior wealth generation this year.

Tether (USDT) value fell from $189.8 billion to $184.1 billion, marking a $5.7 billion net outflow. USD Coin (USDC) experienced the largest decline, dropping from $79.6 billion to $73 billion with a $6.6 billion outflow, coinciding with Circle’s stock price halving from $136 to $64. Conversely, USD1 recorded a $500 million inflow, rising from $4.1 billion to $4.6 billion, partly driven by platform interest rate subsidies.