Stablecoins are down $14.2 billion in 30 days: Did the money leave, or just move elsewhere?
According to a Wednesday report by Glassnode cited by The Block, the supply of major stablecoins fell by $14.2 billion over the past 30 days—the largest 30-day drop since the 2022 bear market. For comparison, the 30-day decline in June 2022 was nearly $30 billion.
I checked the figures myself on DefiLlama (as of Nov. 12, 05:51 Beijing time; combined supply of stablecoins with a circulating supply above $500 million):
- Total: about $282.1 billion, down from about $295.9 billion 30 days ago—a decline of roughly $13.8 billion (-4.7%). It was down about $4.3 billion over the past 7 days.
- USDT: about $175.7 billion, down roughly $8.4 billion over 30 days.
- USDC: about $69.9 billion, down roughly $3.1 billion over 30 days.
- USDS: about $5.4 billion, down roughly $1.6 billion over 30 days (-22%); USD1: about $3.3 billion, down roughly $1 billion over 30 days (-24%).
- Moving in the opposite direction: USDe, up about $140 million over 30 days.
Separately, according to CryptoQuant, USDT's market cap fell by $6.6 billion in the 60 days through Nov. 7—more than twice the $3.2 billion decline over a comparable period after FTX collapsed.
Glassnode's explanation: A shrinking supply means people are redeeming stablecoins for dollars and taking that money out of the market, leaving less “fuel” for a rebound. A return to supply growth would be the first sign of new money coming in.
Three things are enough to keep an eye on:
1. Check the 7-day change in DefiLlama's total stablecoin supply. It only counts as a turnaround when the figure goes from negative to positive; a one-day bounce doesn't count.
2. Check whether USDT and USDC are both recovering. If only one is rising, it could simply mean funds are shifting between the two.
3. See where the decline is concentrated. If smaller coins are down more than 20% while the biggest ones are down only a few percentage points, it looks more like redemptions from individual products than a broad exit from the market.
A note on methodology: Glassnode refers to “major stablecoins,” while I used DefiLlama's combined total for coins above $500 million. A difference of a few billion between the two figures is normal. I'll check again tonight at 22:40 using the same methodology.
This article does not constitute investment advice.
#稳定币 #USDT #USDC #OnchainData
According to a Wednesday report by Glassnode cited by The Block, the supply of major stablecoins fell by $14.2 billion over the past 30 days—the largest 30-day drop since the 2022 bear market. For comparison, the 30-day decline in June 2022 was nearly $30 billion.
I checked the figures myself on DefiLlama (as of Nov. 12, 05:51 Beijing time; combined supply of stablecoins with a circulating supply above $500 million):
- Total: about $282.1 billion, down from about $295.9 billion 30 days ago—a decline of roughly $13.8 billion (-4.7%). It was down about $4.3 billion over the past 7 days.
- USDT: about $175.7 billion, down roughly $8.4 billion over 30 days.
- USDC: about $69.9 billion, down roughly $3.1 billion over 30 days.
- USDS: about $5.4 billion, down roughly $1.6 billion over 30 days (-22%); USD1: about $3.3 billion, down roughly $1 billion over 30 days (-24%).
- Moving in the opposite direction: USDe, up about $140 million over 30 days.
Separately, according to CryptoQuant, USDT's market cap fell by $6.6 billion in the 60 days through Nov. 7—more than twice the $3.2 billion decline over a comparable period after FTX collapsed.
Glassnode's explanation: A shrinking supply means people are redeeming stablecoins for dollars and taking that money out of the market, leaving less “fuel” for a rebound. A return to supply growth would be the first sign of new money coming in.
Three things are enough to keep an eye on:
1. Check the 7-day change in DefiLlama's total stablecoin supply. It only counts as a turnaround when the figure goes from negative to positive; a one-day bounce doesn't count.
2. Check whether USDT and USDC are both recovering. If only one is rising, it could simply mean funds are shifting between the two.
3. See where the decline is concentrated. If smaller coins are down more than 20% while the biggest ones are down only a few percentage points, it looks more like redemptions from individual products than a broad exit from the market.
A note on methodology: Glassnode refers to “major stablecoins,” while I used DefiLlama's combined total for coins above $500 million. A difference of a few billion between the two figures is normal. I'll check again tonight at 22:40 using the same methodology.
This article does not constitute investment advice.
#稳定币 #USDT #USDC #OnchainData
