Stablecoin Supply Falls $14.2B in a Month, Glassnode Says

Total stablecoin supply shrank by $14.2 billion over 30 days, the largest contraction since the 2022 bear market, Glassnode said on Nov. 11, as The Block reported. Supply now sits just under $280 billion by Glassnode's count.

Details

USDT and USDC accounted for nearly $11 billion of the decline. USDT holds a 62.8% share of the stablecoin market and USDC 25.1%. CryptoQuant data cited by The Block shows USDT down $6.6 billion over the 60 days through Nov. 7.

Our own check against the public DefiLlama API shows the same direction, though methodology and absolute levels differ: total supply of about $289.5 billion, down roughly $14.5 billion over 30 days. USDT is near $175.7 billion (about $184.0 billion a month earlier) and USDC near $70.0 billion (about $72.9 billion).

Glassnode said a shrinking supply means holders are redeeming stablecoins for dollars and taking that cash out of the market, leaving less fuel for rallies. CryptoQuant suggested a local bitcoin bottom could form before USDT supply rebounds.

What it means for the market

Stablecoins are the main pool of dry powder in crypto, so their supply is often read as a gauge of capital inflows. A contraction signals liquidity leaving, but it does not by itself predict price direction. For background, see our explainer on stablecoin supply and bitcoin; live prices are in the daily brief.