The decline follows signals of depeg from USDT, the largest stablecoin by market capitalization. The price of USDT decreased by 0.23% over the past twenty-four hours and hit a local low of $0.997 after losing approximately $270 million in market capitalization.

Nonetheless, Binance data indicates that USDT has returned to the $1 threshold, while Trading View data indicates otherwise, displaying a price of $0.9974 at the time of writing.

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In contrast, USDC's market capitalization has increased by over $40 million since USDT's decoupling from the US dollar. The 24-hour trading volume of USDC has also increased by 60% in the past day.

Both DAI and BUSD have experienced significant declines of approximately $80 million and $90 million, respectively. In the past twenty-four hours, DAI's transaction volume has increased by 250%, according to data from crypto.news.

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In less than 24 hours, the supply annual percentage rate (APR) on the Aave protocol increased to nearly 15% from 2.75 percent. According to data provided by the lending platform, annual percentage yields (APY) for variable and stable financing have increased significantly.

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