Just noticed Tether's market capital is taking another hit. USDT's been contracting for a second straight month now, which is interesting given how it usually holds steady. Current market cap sitting around 185 billion, but the trend is definitely downward. Not sure if this is just temporary volatility or if something deeper is shifting with stablecoin demand. The market capital movements on USDT have been pretty notable lately compared to how boring stablecoin flows usually are. Either way, worth keeping an eye on how this plays out. Could be nothing, but when you see market cap consistently dropping month-over-month on the largest stablecoin, it's hard to ignore. Curious what's driving this.

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