Recently, the cryptocurrency market has been bustling with various events, especially last night's 'Trump vs. DeSantis' spectacle, which attracted a lot of attention. Many are curious about how much impact these events actually have on the market. Let's explore this through the data of the main stablecoins, USDT and USDC.
1. USDT: Asia's 'leader', market capitalization rising against the trend
USDT is a prominent player in the stablecoin realm, primarily used by partners in Asia. From the market capitalization data, it has not only been unaffected by market fluctuations but has also been on the rise. However, its application ratio in the cryptocurrency trading field is gradually decreasing. This actually reflects a change in the attitude of Asian investors towards cryptocurrencies.
Looking at the amount of USDT transferred to exchanges, the last two weeks have been quite bleak. The inflow last week was nearly the lowest level in the past year, indicating that the buying willingness of Asian investors is decreasing. Furthermore, since the end of last year, USDT's stock on exchanges has been declining. This may be due to some funds leaving the exchanges, or it could be that Asian investors began to reduce their investments after Bitcoin's price peaked twice at the end of 2024. Even when Bitcoin broke its historical high again in May 2025, this trend could not be changed.
2. USDC: Europe's and America's 'barometer', enthusiasm waning
USDC is mainly favored by European and American investors. Recently, its market capitalization has fluctuated slightly but remains overall stable. However, since the end of April, its market capitalization has not increased, which seems to indicate that European and American investors' enthusiasm for cryptocurrencies has peaked and is slowly cooling down. The trading volume data confirms this, as recent investor buying and selling sentiment is nearly at a yearly low (except for yesterday).
The amount of USDC transferred to exchanges is also not optimistic, having declined for two consecutive weeks, indicating that investors are indeed trapped in a buying lull. Moreover, its stock on exchanges highly correlates with Bitcoin's price movements, increasing when prices rise and decreasing when prices fall. This suggests that European and American investors are more sensitive to price changes and prefer to chase uptrends and downtrends.
3. Exchange stock: Binance 'dominates'
From the stock data of exchanges, many interesting things can be discovered. As of 8 AM today, the total stock of the main stablecoins across all exchanges shows that USDT has 36.57 billion, and USDC has 6.28 billion. Among them, Binance's USDT stock reached 22.26 billion USD, while USDC's stock is 3.89 billion USD, accounting for 60.87% and 61.94% of the total stock, respectively, solidifying its 'dominance'. The second place is OKX, with USDT total stock at 6.69 billion USD and USDC total stock at 619 million USD.
4. Overall market: Investor sentiment is low, possibly entering 'garbage time'
In summary, although the overall market capitalization of stablecoins is still at a high point, the purchasing power converted does not reflect FOMO sentiment. Asian investors are gradually reducing their investment willingness, while European and American investors prefer right-side trading. Moreover, Bitcoin's overall trading volume has also fallen to recent lows over the past two weeks, and aside from events causing increased volatility, the purchasing power during other times indicates that investors are already fatigued with the current trend. It is highly likely that once prices stabilize somewhat in the near future, the market will enter 'garbage time'.
The cryptocurrency market is unpredictable, and as an important component of it, the flow of funds and investor sentiment regarding stablecoins are worth our close attention. Who knows what surprises or shocks the market will bring us next? Let's wait and see!
