Stablecoin supply drops $14.2 billion in 30 days, Glassnode reports

Stablecoin supply contracted by $14.2 billion over the 30 days ending November 9, recording its most significant monthly decrease since June 2022, according to data provider Glassnode. The sharp downturn in stablecoin circulation has emerged as investors grapple with shifting market conditions and declining activity across crypto-linked products. Blockchain analytics firm CryptoQuant disclosed that Tether ’s USDT market capitalization declined by $6.6 billion in the 60 days leading up to November 7. This reduction in USDT’s market value was more than twice the $3.2 billion contraction observed after crypto exchange FTX collapsed in late 2022. Bitcoin traded around $71,500 on November 13 after briefly approaching $74,000 a day prior.

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