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 steepest contraction since June 2022. Total supply stood just below $280 billion, its lowest level since September 2025, according to the analytics firm’s figures cited in reports published this week.

The $14.2 billion decline covers a 30-day period. One report specified that its window ended November 9; the other reports described it as the past month without giving an endpoint. Glassnode’s estimate is repeated across reports, but all cite the same underlying data rather than independent measurements.

Tether’s USDT and Circle’s USDC together accounted for nearly $11 billion of the contraction, according to Glassnode. Separately, CryptoQuant reported that USDT’s market capitalization fell $6.6 billion over the 60 days through November 7. That was more than twice the $3.2 billion decline it recorded over a similar period after the collapse of FTX in December 2022.

Glassnode’s figures put total stablecoin supply just below $280 billion. Data cited in one report put USDT at about 62.8% of stablecoin supply and USDC at 25.1%. Stablecoins are tokens generally pegged to the U.S. dollar and are...