First, let's clarify the scope of the on-chain data: As of 2026/11/14 14:03:53, DefiLlama puts the total stablecoin supply at approximately $287.69B, down 0.22% from the previous day. The main assets include USDT at $175.20B, USDC at $69.18B, and USDS at $5.36B. Total supply is not the same as net inflows to exchanges, nor can it alone indicate a change in risk appetite.