According to CoinMeta, as reported by CryptoQuant, the supply of Tether is decreasing at a faster rate than after the collapse of FTX. The market value of USDT has dropped by $6.6 billion in the past 60 days, a decrease more than twice that of December 2022. The growth of stablecoins once provided funding for this round of market rebound, but this momentum is weakening.