According to CoinMeta, as analyzed by analyst Darkfost, the total market value of stablecoins has dropped to around $263 billion, the lowest level in over a year, representing a decrease of $17 billion from approximately $280 billion in April of this year, which is a reduction of about 6%. Binance still accounts for about 70% of the stablecoin reserves of centralized exchanges, but its holdings of stablecoins have been continuously declining over the past year, and recent security incidents have further exacerbated this trend. Darkfost believes that the continuous shrinkage of the stablecoin market value reflects a lack of new funds and investment demand in the crypto market, and the restoration of liquidity is an important condition for the market to maintain a rebound.