Stablecoin Supply Falls $14.2 Billion in 30 Days, Glassnode Data Shows

The supply of major stablecoins fell by $14.2 billion over 30 days, the largest contraction since the 2022 bear market, according to a Glassnode report cited by The Block on November 11. Total stablecoin supply is just below $280 billion, a level last seen in September 2025, based on DefiLlama data in The Block’s chart.

Glassnode said a shrinking supply means holders are redeeming stablecoins for dollars, leaving “less fuel for a rally.” It said a return to supply growth would be the “first sign that new money is coming in.”

CryptoQuant data cited by The Block showed Tether’s USDT supply down $6.6 billion over 60 days through November 7, more than twice the $3.2 billion drop in a similar period in December 2022 after the FTX collapse. USDT holds about 62.8% of stablecoin supply and USDC about 25.1%. The Block did not give a separate decline figure for USDC, and its headline figure for the 30-day move is for major stablecoins overall. Gold-backed tokens were steady at a combined $5.61 billion market cap.

For comparison, The Block noted the 30-day decline nearly reached $30 billion in June 2022, about five months before bitcoin’s bear market low of $15,500 that November. CryptoQuant said a local bitcoin bottom could form before USDT supply turns positive again.

This contrasts with earlier reports of roughly flat 2026 supply based on Allium data, which this article does not address.

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Sources:

• The Block: Stablecoin supply drops $14.2 billion in largest contraction since 2022 bear market