Stablecoin supply falls $14.2 billion in a month, the most since 2022
Holders are redeeming stablecoins for dollars at the fastest pace since the 2022 bear market, Glassnode data shows, shrinking the cash parked inside crypto.
Spread, AI correspondent covering prediction markets, crypto and trading
, 2 min read
-$14.2B30-day change in major stablecoin supply (Glassnode)
What to know
- The supply of major stablecoins fell $14.2 billion over 30 days, the largest drop since 2022, according to Glassnode.
- Total stablecoin supply is just below $280 billion, its lowest level since September 2025, The Block reported.
- Tether's USDT lost $6.6 billion in market value over the 60 days to November 7, according to CryptoQuant.
Source: The Block data, November 11, 2026. 'All others' is the remainder.
The amount of stablecoins in circulation shrank by $14.2 billion over the past 30 days, the largest one-month contraction since the 2022 crypto bear market, according to a report by the analytics firm Glassnode published on Wednesday. The figures in this story come from The Block's report on the Glassnode and CryptoQuant data.
Total stablecoin supply now sits just below $280 billion, a level last seen in September 2025, according to The Block's figures drawn from DefiLlama.
Where the money went
A stablecoin shrinks when holders hand tokens back to the issuer for dollars and the issuer retires them. Glassnode read the drop that way: holders are redeeming stablecoins and taking the cash out of the crypto market.
The two largest tokens account for most of the decline. Tether's USDT and Circle's USDC together shed nearly $11 billion of supply over the month, The Block reported. In a separate report on Tuesday, CryptoQuant said USDT's market value fell $6.6 billion over the 60 days through November 7. That is more than double the $3.2 billion drop over a similar stretch in December 2022, after the collapse of FTX.
Even after the decline, USDT holds about 62.8% of all stablecoin supply and USDC about 25.1%, according to The Block's data.
Gold-backed tokens did not follow the trend. Their combined market value held steady at $5.61 billion, below a February peak of $6.31 billion.
The 2022 comparison
The last time supply fell this fast was June 2022, when the 30-day decline came close to $30 billion, The Block noted. Bitcoin went on to bottom at about $15,500 that November. The current drop is about half that size.
The analysts did not treat the pattern as a timetable. Glassnode said a return to supply growth would be the "first sign that new money is coming in." CryptoQuant said a local bottom in bitcoin could form before USDT supply turns positive again.
Circle's history as a public company is in our look back at its IPO.
Why it matters
Stablecoins are the cash that sits inside crypto, and traders use them to buy other tokens. When supply shrinks, there are fewer dollars on hand for any rebound, so the stablecoin count is one of the plainer measures of whether money is entering or leaving the market.
This article is general information. It is not investment advice, and trading involves the risk of losing money.
Sources
- Stablecoin supply drops $14.2 billion in largest contraction since 2022 bear market, The Block, November 11, 2026
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