Stablecoin supply drops $14.2 billion, biggest contraction since 2022

The combined supply of major stablecoins fell by $14.2 billion over the 30 days ending November 11, 2026, marking the sharpest monthly contraction since the 2022 bear market. Glassnode data, cited by market research firms, indicated that holders continue to redeem stablecoins for dollars, sparking questions about whether declining supply signals a market bottom or points to further volatility ahead. Industry data showed the aggregate stablecoin supply stood just under $280 billion as of November 11. Tether ’s USDT and Circle’s USDC accounted for most of the contraction, together contributing nearly $11 billion to the total drop. Based on The Block’s reporting, USDT represented about 62.8% of stablecoin supply, while USDC accounted for roughly 25.1%.

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