According to Odaily, data from DefiLlama and Wintermute indicates that the total market capitalization of stablecoins has exceeded $164 billion for the first time since the Terra collapse in May 2022. This metric had been hovering around the $160 billion mark. Wintermute's report suggests that this growth reflects increasing investor optimism, supporting a bullish outlook. The rise in stablecoin supply indicates that funds are being deposited into on-chain ecosystems to generate economic activity, either through direct on-chain purchases that can catalyze price increases or through yield-generating strategies that can improve market liquidity. This activity is expected to ultimately promote positive on-chain growth.

Blockchain analytics firm Nansen echoed this sentiment, stating that the growth in stablecoin market capitalization is a bullish development.