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

On November 12, TechFlow reported that according to The Block, Glassnode data shows the supply of major stablecoins has decreased by $14.2 billion over the past 30 days, marking the largest decline since the crypto bear market in 2022. The total stablecoin supply is currently slightly below $280 billion, falling back to levels unseen since September 2025.

Another report from CryptoQuant shows that within the 60 days leading up to November 7, USDT's market capitalization dropped by $6.6 billion, more than double the $3.2 billion decrease recorded during a similar period in December 2022 following the FTX collapse. In comparison, the combined market capitalization of gold-backed tokens remained relatively stable at $5.61 billion.

Glassnode notes that the contraction in stablecoin supply indicates holders are redeeming stablecoins for U.S. dollars and exiting the market, reducing the buying power that drives cryptocurrency market rebounds.