Major stablecoin supply decreased by $14.2 billion over 30 days, the largest decline since 2022.

Major stablecoin supply contracted by $14.2 billion over the past 30 days, the largest decline since the 2022 crypto bear market, according to Glassnode data reported by The Block. Total stablecoin supply now sits just below $280 billion, its lowest level since September 2025. Separately, CryptoQuant data showed USDT's market cap fell $6.6 billion in the 60 days through November 7—more than double the $3.2 billion drop in the comparable period after FTX's collapse in December 2022—while gold-backed tokens held steady at a combined $5.61 billion market cap. Glassnode attributes the contraction to holders redeeming stablecoins for dollars and exiting the market, eroding the buying power that fuels crypto rallies. Watch whether the supply decline reverses as a signal of returning capital, and whether USDT's outflow pace continues relative to gold-backed alternatives.