The total market capitalization of the stablecoin market continues to contract, having recently fallen to its lowest level in more than a year. CryptoQuant analyst Darkfost noted that from April of this year to now, total stablecoin market value has dropped from about $280 billion (approximately NT$9.2 trillion) to $263 billion (approximately NT$8.6 trillion), a decline of about $17 billion (approximately NT$560 billion) over six months, or roughly 6% cumulatively, signaling that the liquidity available to the crypto market is receding.

The shift is also reflected on major trading platforms. Binance currently accounts for roughly 70% of stablecoin supply on centralized exchanges, so the stablecoin market value on its platform is seen as…