At a glance
- The supply of US dollar stablecoins fell by $14.5 billion, or 4.8%, in the 30 days to 11 Nov, to $289.5 billion, according to DefiLlama data. That is the biggest 30-day drop in its records since mid-2022.
- Tether’s USDT shrank by $8.3 billion and Circle’s USDC by $2.8 billion over the same window. Total supply is now at its lowest since late September 2025.
The pool of dollar stablecoins has fallen almost every day this month, DefiLlama’s daily snapshots show, losing $4.3 billion in the past week alone. Analytics firm Glassnode, using its own measure, put the 30-day fall at $14.2 billion and called it the fastest contraction since June 2022.
Where the money went
| Stablecoin | 12 Oct | 11 Nov | Change |
|---|---|---|---|
| Tether (USDT) | $184.2B | $175.9B | −$8.3B (−4.5%) |
| USD Coin (USDC) | $72.9B | $70.2B | −$2.8B (−3.8%) |
| All others | $46.8B | $43.4B | −$3.4B |
| Total | $304.0B | $289.5B | −$14.5B (−4.8%) |
Source: DefiLlama daily snapshots (00:00 UTC), CryptoWatchDesk analysis.
Before this month, the largest 30-day fall since the 2022 bear market was $8.5 billion, in the window to 27 Jun 2026. The total peaked at $312.9 billion on 17 May and is now $23.4 billion, or 7.5%, below that.
Data firm CryptoQuant made a similar point about Tether alone: USDT’s market value fell $6.6 billion in the 60 days to 7 Nov, more than twice the $3.2 billion drop in the same span after FTX collapsed in late 2022, The Block reported.
What a shrinking supply means
A stablecoin leaves circulation when a holder redeems it with the issuer for dollars and the token is destroyed. Glassnode reads the fall as cash leaving crypto: fewer dollars waiting on exchanges and on-chain to buy. Supply growing again, it said, would be its first signal of fresh money coming in.
The same pressure shows in price. Glassnode noted that USDT trades slightly below $1; on Kraken it was at $0.9989 as of 20:47 UTC on 11 Nov.
The move fits a wider pattern. US spot bitcoin ETFs lost $95.0 million on 10 Nov, their eighth day of outflows, and earlier this month coins left exchanges as the stablecoin pool drained.
What it changes for users
For holders, nothing changes: a redeemed token is simply gone, and the ones that remain are backed by reserves, according to their issuers.
For issuers, it shrinks the float. Fewer tokens in circulation mean fewer reserve assets, such as short-dated Treasury bills, earning interest for Tether and Circle. Last month, World Liberty’s USD1 shrank by $425 million in 12 days in a smaller version of the same pattern.
The DefiLlama figures here use the 11 Nov snapshot; Glassnode’s run to 9 Nov.
This article is for information only and is not investment advice.