According to James Butterfill, head of research at crypto asset management company CoinShares, investors' appetite for stablecoins is closely related to the US dollar because their face value is always calculated in US dollars. The main reason for the surge in stablecoin trading volume last year was the significant increase in interest rates by the Federal Reserve, which stimulated a sharp rise in the US dollar. In fact, not all stablecoins have performed poorly, and USDT, which is linked to the US dollar, is a rare exception. The market value of USDT reached a historical high of $83.8 billion in August last year. However, due to the decoupling of Terra USD and Binance's BUSD last year, the world's largest and second-largest stablecoins, USDT and USDC, fell below the $1 exchange rate. At the same time, several small and medium-sized banks in the United States, including SVB, collapsed at the beginning of this year, and market risk aversion increased, causing investors to stay away from virtual currency assets. Dante Disparte, global strategy chief and chief strategist of Circle, said that the global risk of de-dollarization is due to the impact of the crisis of small and medium-sized banks in the United States, and it is estimated that the stablecoin adjustment period will continue.