According to CoinMeta, as reported by the crypto trading firm Cumberland, the market value of stablecoins has dropped to around $300 billion, marking the third largest pullback in history. Cumberland indicates that the market value of stablecoins has decreased from approximately $321 billion on May 20 to $305 billion, a decline of about 5%. As of August 16, data from DefiLlama shows that the total market value of stablecoins is even lower, at around $300.76 billion, with Tether accounting for 60.84% of the market. This pullback is different from previous ones, as the dollar peg of USDT and USDC remains stable, the price of USDT fluctuates between $0.9988 and $0.9992, while USDC generally stays above $0.9997. Cumberland believes that this indicates that capital is flowing out of the crypto market in an orderly manner, rather than investors losing confidence in USDT or USDC.