The combined market capitalization of the top stablecoins has declined sharply in recent days, as some capital appears to be rotating out of the cryptocurrency ecosystem and into traditional safe-haven assets like gold and silver.

According to recent on-chain analytics, the total market cap of the 12 largest stablecoins fell by approximately $2.24 billion over the past 10 days, reflecting a meaningful contraction in stablecoin supply and liquidity available for crypto trading or re-entry.

According to a post on X by cryptocurrency analytics firm Santiment, stablecoin market capitalization has declined significantly, along with Bitcoin’s price. However, demand for gold and silver has increased, indicating that people are moving…