Stablecoin Supply Falls $14.8B In Largest 30-Day Drop Since June 2022
Stablecoin supply fell 4.84% in 30 days in DefiLlama's data, while Circle's USD Coin (USDC) also fell from September's end to 9th November.
The dollar value of stablecoins in circulation fell $14.78 billion in the 30 days to 12th November 2026, the largest such decline since June 2022, according to Bored Node's calculations from DefiLlama's daily series. The total dropped 4.84%, from $305.62 billion on 13th October to $290.84 billion.
The last earlier 30-day fall at least as large ended on 10th June 2022, when the reduction was $16.92 billion. The comparison excludes the incomplete observation for 13th November.
Stablecoins aim to keep their price close to a chosen value, for example one US dollar. Our stablecoin explainer describes how that target and redemption arrangements work.
The dollar totals cover all stablecoin categories in DefiLlama's series, including tokens tied to other currencies. Within that 30-day period, the dollar value fell $3.50 billion between 6th and 12th November.
Token supply changes
The separate token snapshot, retrieved on 13th November at 03:08 UTC, shows reductions in Tether, USDC, Sky Dollar (USDS) and World Liberty Financial USD (USD1). Ripple USD and Ethena USDe increased against DefiLlama's prior-month field.
The figures below express circulating token counts at $1 per token. DefiLlama's monthly token figures may cover different dates from the total's 13th October to 12th November comparison. They cannot be treated as a precise breakdown of the $14.78 billion fall.
| Token | Supply on 13th November | Change against prior month |
|---|---|---|
| USDT | $175.28 billion | Down $8.64 billion |
| USDC | $69.39 billion | Down $3.75 billion |
| USDS | $5.39 billion | Down $1.58 billion |
| USD1 | $3.17 billion | Down $1.04 billion |
| RLUSD | $2.69 billion | Up $0.29 billion |
| USDe | $4.90 billion | Up $0.14 billion |
Circle's own figures show a decline
Circle's USDC page reports $68.9 billion in circulation as of 9th November. Its third-quarter results release, published on 4th November, reported $73.9 billion at the end of September. The rounded issuer figures imply a reduction of about $5 billion over that interval.
Circle's figures cover a different period from DefiLlama's 30-day comparison. These USDC figures do not measure the whole stablecoin sector or establish why its total dollar value fell.
Circle explains that issuing USDC creates tokens when a business deposits dollars, while redemption exchanges USDC back for dollars and takes those tokens out of circulation.
