Major Stablecoin Supply Falls $14.2 Billion in 30 Days, Largest Drop Since 2022

According to TechFlow, on November 12, citing The Block, Glassnode data showed that the supply of major stablecoins fell by $14.2 billion over the past 30 days, the largest decline since the 2022 crypto bear market. Total stablecoin supply is currently slightly below $280 billion, returning to a level not seen since September 2025.

A separate CryptoQuant report showed that during the 60-day period ending November 7, USDT's market cap fell by $6.6 billion, more than double the $3.2 billion decline seen in a similar period in December 2022 after the FTX collapse. In contrast, the combined market cap of gold-backed tokens remained relatively stable at $5.61 billion.

Glassnode said the contraction in stablecoin supply indicates that holders are redeeming stablecoins for USD and withdrawing them from the market, reducing the buying power that had supported the crypto market rebound.

Source: TechFlow