PANews reported on January 31 that according to CryptoQuant data, the total market value of stablecoins has exceeded $200 billion, a record high. Since Trump won the US election in November 2025, the market value of stablecoins has increased by nearly $40 billion, of which USDT has a market value of $139 billion (up 15% from November) and USDC has a market value of $52.5 billion (up 48% over the same period). The report pointed out that the expansion of stablecoin liquidity may herald a new round of upward movement in the crypto market, with Bitcoin rising by more than 50% over the same period, and the total market value of cryptocurrencies rising from $2.2 trillion to $3.5 trillion. CryptoQuant said that the recovery of stablecoin liquidity may drive further increases in the prices of assets such as Bitcoin.