South Korea’s stablecoin push raises questions about a potential crypto rally

The discrepancy between technicals and fundamentals isn't exclusive to L1s anymore. The stablecoin market is showing a similar trend this year. Technically, Tether's USDT is down over 2.5% over the past 12 months. And with USDT accounting for more than 50% of the total stablecoin market, its outflows are still a major contributor to the stablecoin market's almost $8 billion drop from its yearly opening market cap of $315 billion. However, despite the outflows, stablecoin adoption has continued to gain ground.