CoinMarketCap statistics show that since May 11, the circulating supply of USDT has dropped by $17.24 billion, while the supply of USDC has increased by $7.3 billion, the supply of BUSD has also increased by $700 million, and the supply of DAI has decreased by $1.6 billion.
In addition, around July 20, the total market value of the four stablecoins USDT, USDC, BUSD, and DAI was higher than the total market value of Ethereum for the first time in history.