As reported on November 12, 2026, at 01:22:08 UTC+8, Glassnode found that the supply of major stablecoins had fallen $14.2 billion over the preceding 30 days—the largest such decline since the 2022 crypto bear market. Total stablecoin supply stood just below $280 billion, a level last seen in September 2025.
For comparison, the 30-day decline approached $30 billion in June 2022. Bitcoin later reached a bear-market low of $15,500 that November; the comparison does not establish that stablecoin supply predicted the price move.
A separate CryptoQuant report measured a $6.6 billion fall in USDT market capitalization over the 60 days through November 7, 2026. That was more than twice the $3.2 billion decline CryptoQuant recorded over a similar period in December 2022, following FTX’s collapse. According to The Block’s data, USDT accounted for roughly 62.8% of stablecoin supply, while USDC accounted for 25.1%.
Gold-backed tokens were steadier by comparison, with a combined market capitalization of $5.61 billion, below February’s $6.31 billion peak, when gold was around $5,350 per troy ounce.
Glassnode interpreted shrinking stablecoin supply as holders redeeming tokens for dollars and removing cash from the crypto market. It said renewed supply growth would be the “first sign that new money is coming in.” CryptoQuant cautioned that a local bitcoin bottom could form before USDT supply returned to growth. These are interpretations of liquidity conditions, not a timetable for prices.
Source: theblock.co (originally published 2026-11-12 01:22 UTC+8)
