Dollar Stablecoin Supply Falls $12.2B To $294.9B In Four Weeks
Dollar stablecoin supply contracted 4% in four weeks, according to DefiLlama data, while Circle reported more USDC redemptions than issuance.
Dollar stablecoins lost about $12.16 billion of nominal circulating supply in the four weeks to 6th November, a 3.96% contraction calculated from DefiLlama's daily series. The total fell from 307.03 billion tokens on 9th October to 294.87 billion.
The measure counts tokens in DefiLlama's dollar peg category at their intended $1 value. It excludes stablecoins linked to other currencies and differs from market capitalisation, which values circulating tokens at their trading prices. Our stablecoin explainer describes how a price target and redemption arrangements work.
The latest complete calendar date in the comparison is 6th November. The 7th November observation covered an incomplete calendar day when the data was retrieved at 04:42 UTC and is excluded from the four-week calculation.
The contraction became larger each week
The decline was concentrated towards the end of the period. Our calculations show circulating supply fell by $1.41 billion in the first week, $1.97 billion in the second and $3.53 billion in the third. The final week accounted for $5.26 billion, more than two-fifths of the four-week reduction.
Supply fell on 24 of the 28 daily changes, with four increases interrupting the decline. The figures describe fewer dollar tokens in circulation; they do not establish a reason for the change or identify what holders did with money received through redemption.
Tether's USDT series fell by 6.73 billion tokens between the same dates, while Circle's USDC series fell by 2.57 billion. Together they account for about 76.5% of the overall contraction, by our calculation. Other dollar stablecoins therefore explain the remaining reduction.
Circle also reports net redemptions
Circle's own transparency page, displaying reserve information as of 5th November, lists 69.21 billion USDC in circulation. Its seven-day figures show $12.66 billion issued and $13.49 billion redeemed, a net reduction of $830 million. Over its displayed 30-day window, issuance of $50.66 billion was below redemptions of $54.44 billion, a net reduction of $3.78 billion.
Those are issuer figures for USDC, rather than a measurement of the whole stablecoin sector. The page does not specify the beginning and end dates of its flow windows, so they are not interchangeable with the four-week DefiLlama comparison.
Circle says its reserve holdings are disclosed weekly alongside minting and redemption flows. Minting creates new tokens, while redemption exchanges them back for money under the issuer's terms. As our USDC guide explains, selling tokens to another trader is a different transaction: ownership can change without reducing the number of tokens in circulation.
