Stablecoin market capitalization has been increasing recently… “Contributing to the rise in BTC prices”

The market capitalization of stablecoins, which represent the liquidity of the cryptocurrency market, has recently been on the rise. This has had a positive impact on the price rise of major cryptocurrencies such as Bitcoin.
Julio Moreno, a senior analyst at CryptoQuant, said in the report, "The recent increase in the market capitalization of stablecoins has led to them being ranked higher than major virtual currencies such as Bitcoin.
The total market capitalization of stable coins hit a record high of $169 billion this year.
Moreno explained that the total stablecoin market cap is “positively correlated” with Bitcoin price increases.