Lookonchain, an on-chain data platform, pointed out that the supply of two major stablecoins, Tether (USDT) and Circle (USDC), increased by nearly $3 billion in a week, indicating that investors are rushing to buy cryptocurrencies at lower prices after Monday's plunge. Lookonchain noted that Tether has moved $1.30 billion worth of USDT to exchanges and market makers since Monday. With the latest offering, the market cap of USDT climbed to a new high above $115 billion. The market cap of the second-largest stablecoin, USDC, also grew by about $1.60 billion this week to $34.50 billion, its highest level since March 2023.