Total stablecoin supply fell by $14.2 billion over the 30 days ending November 10, 2026, according to Glassnode. It is the largest monthly contraction since June 2022, and USDT and USDC accounted for most of it.
Total stablecoin supply fell by $14.2 billion over the 30 days ending November 10, 2026, according to on-chain analytics firm Glassnode. That is the largest monthly contraction since June 2022.
Glassnode reported the decline on November 11. As of November 10, aggregate supply had slipped into the low $290 billion range.
USDT and USDC lead the redemptions
The two biggest dollar tokens did most of the shrinking. USDT and USDC accounted for the majority of the decline, driven by heavy redemptions.
Several minor and mid-tier tokens also saw notable redemptions over the same stretch. However, a handful of stablecoins, including RLUSD, grew during the period.
Redemptions shrink supply because of how stablecoins work. When holders cash out for dollars, those tokens are removed from circulation, and supply falls. New purchases with dollars mint fresh tokens and raise it.
Glassnode reads the drop as investor caution
Glassnode framed the current trend as a sign of steady investor caution. Its research points to consistent net redemptions for multiple weeks heading into November.
The drop did not happen in isolation. It coincided with reported outflows from US spot Bitcoin ETFs and price declines across major digital assets.
The source compares the period with June 2022, which followed the Terra collapse. The current contraction also follows weeks of net redemptions, which suggests investor confidence may be reluctant to return amid ongoing volatility.
What to watch next
Glassnode pointed out that a renewed rise in stablecoin supply could herald fresh capital flowing back into digital asset markets.
First, watch whether USDT and USDC redemptions slow down or continue, since they drove most of the decline. Next, track whether smaller tokens like RLUSD keep growing against the trend. Finally, compare stablecoin flows with US spot Bitcoin ETF flows, which both pulled back during the same window.
Source: Crypto Briefing
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