The total supply of major stablecoins fell by $14.2 billion over the past 30 days marking its steepest contraction since the 2022 cryptocurrency bear market, as liquidity continues to leave digital asset markets.

Data from blockchain analytics firm, Glassnode, showed total stablecoin supply falling to just below $280 billion, its lowest level since September 2025.

Tether’s USDT and Circle’s USDC accounted for nearly $11 billion of the decline. USDT’s market capitalisation alone fell by $6.6 billion over the 60 days through November 7, more than twice the $3.2 billion decline recorded following the collapse of FTX in December 2022, according to CryptoQuant.

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USDT accounts for approximately 62.8% of total stablecoin supply while USDC represents 25.1%.

The contraction suggests investors are redeeming stablecoins and withdrawing capital from crypto markets reducing the pool of readily available liquidity to support asset purchases and market recoveries.

REPORT | Circle Says On-Chain YoY Transaction Volume Grew ~50% in Q3 2026

Glassnode said a return to stablecoin supply growth would provide an early indication that fresh capital is entering the market. The previous major contraction, which approached $30 billion in June 2022, came about 5 months before Bitcoin reached its bear-market low of around $15,500.

MILESTONE | The World’s Leading Stablecoin User Base Surpasses 700 Million

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