The total supply of stablecoins rose from $203.2 billion to $303.7 billion last year, but by October 28 this year it had instead fallen by about $2.1 billion, to around $301.6 billion. According to data from DefiLlama cited by Milk Road Crypto, the expansion in 2025 grew at a rate of 49%.
Breaking it down, $USDT and $USDC each declined by $5.3 billion and $4 billion year to date, while other stablecoins collectively gained $7.2 billion, offsetting more than 70% of the drop in major stablecoins. Supply peaked at $315.5 billion on May 17, then steadily declined, while $BTC fell by about 7% over the same period.
The net decline of $2.1 billion is less than 1% of the $301.6 billion total, so it’s too early to say that funds are leaving on a large scale. It looks more like money is moving from USDT and USDC to other stablecoins. The next thing to watch is whether the growth in other stablecoins also slows.
#稳定币 #FundFlows
Breaking it down, $USDT and $USDC each declined by $5.3 billion and $4 billion year to date, while other stablecoins collectively gained $7.2 billion, offsetting more than 70% of the drop in major stablecoins. Supply peaked at $315.5 billion on May 17, then steadily declined, while $BTC fell by about 7% over the same period.
The net decline of $2.1 billion is less than 1% of the $301.6 billion total, so it’s too early to say that funds are leaving on a large scale. It looks more like money is moving from USDT and USDC to other stablecoins. The next thing to watch is whether the growth in other stablecoins also slows.
#稳定币 #FundFlows