According to CoinMeta, based on CryptoQuant data, the rolling supply of USDT has decreased by approximately $4 billion over the past 60 days, with a reduction of $870 million in just the last 11 days. Analyst Stacy Muur pointed out that some investors seem to be directly withdrawing by converting stablecoins into fiat currencies. Additionally, the yield of stablecoins may also be another reason for this decline.