Stablecoin supply just shrank for the first time in 4 years.
Biggest monthly drop since Terra. Sounds bearish? Same month, stablecoins settled $1.79 TRILLION — an all-time record. Up 125% in a year.
The pool is shrinking. The money is moving faster than ever.
And look at who's moving it: USDC settled $1.21T on ~$74B supply. USDT did $576B on $184B.
Half the supply. Double the throughput.
The lesson for anyone building in this market: the scoreboard changed. Size of the pile stopped mattering. What moves through your product is the only number that counts now.