According to data from cryptocurrency data provider DeFiLlama, the overall market value of the stablecoin market has fallen by 35% in the past 18 months, and the current market value is US$124 billion. Analysts believe that the reasons for the decline include declining retail participation, rising U.S. Treasury yields and lower cryptocurrency yields than traditional financing rates. Despite this, the USDT stablecoin market value has recovered to US$83 billion, accounting for 67% of the total stablecoin market value. At the same time, the market value of the domestic stablecoin USDC in the United States has experienced a decline. Experts say that the suppression of the stablecoin market by U.S. regulators has led to a sharp decline in USDC’s market share. Cryptocurrency investors expect the stablecoin sell-off to end when traditional finance rates drop or DeFi, Ethereum-collateralized cryptocurrency yields recover.