Stablecoins: Market Cap Falls $10B to $300B

Stablecoin total market cap declined $10 billion over the past six months to $300 billion as capital rotated into US equities. USDT fell from $189.8 billion to $184.1 billion while USDC dropped from $79.6 billion to $73 billion, the largest quarterly outflow. CRCL shares slid from $136 to $64 on lost growth expectations. USD1 bucked the trend, rising $500 million to $4.6 billion on exchange rate subsidies, though sustained expansion now hinges on driving actual usage beyond holdings.