Stablecoin Supply Shrinks $14.2 Billion in 30 Days, the Steepest Drop Since 2022

By Kevin · 2026-11-12 · News

Nov. 12 (CandyPulse) — Money is leaving crypto, and one number shows it clearly. The supply of major stablecoins has shrunk by about $14.2 billion in 30 days, according to on-chain analytics firm Glassnode. It's the steepest drop since the 2022 bear market.

Key takeaways

Major stablecoin supply fell about $14.2 billion in 30 days, per Glassnode
It's the largest 30-day contraction since 2022, when the decline neared $30 billion
USDT and USDC accounted for most of the drop, driven by heavy redemptions
U.S. spot Bitcoin ETFs saw about $1.6 billion of net outflows over 20 straight trading sessions
Glassnode says a return to supply growth would be the "first sign that new money is coming in"

The numbers at a glance

Item	Reading
30-day change in stablecoin supply	About −$14.2 billion
How it ranks	Largest drop since the 2022 bear market
2022 comparison	30-day decline neared $30 billion in June 2022
Biggest contributors	USDT and USDC redemptions
Total supply now	About $280–290 billion, depending on the source
Spot Bitcoin ETF flows	About −$1.6 billion over 20 sessions

Why stablecoin supply matters

Think of stablecoins as the cash sitting inside crypto. When people want to buy Bitcoin or anything else, they usually move dollars into stablecoins first. So when supply grows, fresh money is arriving. When it shrinks, people are redeeming stablecoins for real dollars and leaving.

That's what Glassnode's data shows now: holders are cashing out. Less cash on the sidelines means fewer buyers to absorb selling, which makes prices more fragile.

It lines up with everything else

ETFs: about $1.6 billion left U.S. spot Bitcoin ETFs across 20 consecutive sessions; we covered an earlier $530 million single-day outflow.
Price: Bitcoin recently slid below $74,000, and analysts are watching $70,000.
Rates: markets expect another Fed hike in December, which makes holding dollars more attractive than holding risk.

Keep it in proportion

This is a real warning sign, but not a repeat of 2022. That year's drain was roughly twice as large and came with collapsing lenders and exchanges. Today's supply is still near $280–290 billion, far above where it was then.

And institutions are still building: this week alone, Deutsche Bank switched on crypto custody (including USDC and euro tokens), xStocks put 200+ European stocks onchain and Apex Group joined the Hedera Council.

What to watch

Glassnode's own signal is the simplest one: stablecoin supply turning up again. Until that happens, rallies have less fuel behind them. Follow the sector on our stablecoins page, and see the crypto glossary if terms like "redemption" are new.

What's next

Watch the next weekly ETF flow figures, the stablecoin supply trend, and how Bitcoin behaves around $70,000.

More from today:

Track the market on our Bitcoin price today and crypto prices today pages, follow the Crypto News Today desk, and catch up every Sunday with CANDY Weekly.

Disclaimer: This article is for information only and is not financial advice. Market figures move quickly and different data providers can show slightly different numbers. Always do your own research before making any investment decision.