Conclusion first: On November 1, stablecoin supply remained below $300 billion, still offering no support for the view that funds are returning at scale.
1. The rebound was limited. Total supply was about $298.5 billion on November 1, up about $1.9 billion from roughly $296.6 billion on October 30. However, it was still about $3.1 billion below October 28 and about $5.2 billion below the roughly $303.7 billion at the start of the year, meaning the previous decline has yet to be recovered.
2. The yearly high remains far off. The 2026 peak was about $315.5 billion on May 17. Current supply is about $17 billion below that peak, and the overall direction for the year remains contractionary.
3. The concentration of supply remains unchanged. In DeFiLlama’s November 1 snapshot, $USDT stood at about $179.7 billion, or roughly 60.67% of the total, while $USDC stood at about $71.867 billion. Funds remain concentrated in the leading stablecoins.
4. Compared with last year’s trend: Supply rose from about $203.2 billion to roughly $303.7 billion in 2025, an increase of about 49%. In contrast, supply in 2026 so far is below its level at the start of the year—the trend has reversed.
In assessing the situation, whether supply can climb back above $300 billion is one of the leading indicators for whether funds are returning. Current data only shows that the decline has slowed; it does not yet provide evidence of a trend reversal.
#稳定币 #Capital flows
This is solely my personal opinion and does not constitute investment advice
1. The rebound was limited. Total supply was about $298.5 billion on November 1, up about $1.9 billion from roughly $296.6 billion on October 30. However, it was still about $3.1 billion below October 28 and about $5.2 billion below the roughly $303.7 billion at the start of the year, meaning the previous decline has yet to be recovered.
2. The yearly high remains far off. The 2026 peak was about $315.5 billion on May 17. Current supply is about $17 billion below that peak, and the overall direction for the year remains contractionary.
3. The concentration of supply remains unchanged. In DeFiLlama’s November 1 snapshot, $USDT stood at about $179.7 billion, or roughly 60.67% of the total, while $USDC stood at about $71.867 billion. Funds remain concentrated in the leading stablecoins.
4. Compared with last year’s trend: Supply rose from about $203.2 billion to roughly $303.7 billion in 2025, an increase of about 49%. In contrast, supply in 2026 so far is below its level at the start of the year—the trend has reversed.
In assessing the situation, whether supply can climb back above $300 billion is one of the leading indicators for whether funds are returning. Current data only shows that the decline has slowed; it does not yet provide evidence of a trend reversal.
#稳定币 #Capital flows
This is solely my personal opinion and does not constitute investment advice
