Stablecoin Supply Falls to $292 Billion, Lowest in More Than a Year

Stablecoin supply fell to $292.4 billion on Sunday, its lowest level since Sept. 24, 2025, DefiLlama data show. That's $6.6 billion less than on Oct. 31.

The slide has run for five weeks. DefiLlama's total stood at $307.9 billion on Oct. 7 and peaked at $315.5 billion on May 17, so about $23 billion has left the market since spring.

Tether and Circle took most of the week's drop

• Tether's USDT: down $2.8 billion in seven days, to $176.8 billion
• Circle's USDC: down $1.2 billion, to $70.6 billion
• World Liberty's USD1: down $430 million, to $3.45 billion

CoinGecko's figures line up. USDT's market value slipped from $180.0 billion on Nov. 1 to $176.9 billion early Sunday, and USDC's went from $71.7 billion to $70.5 billion.

A few coins grew. Ethena's USDe added $431 million, to $4.93 billion, and Ripple's RLUSD added $274 million, to $2.69 billion, per DefiLlama.

How a stablecoin shrinks

A stablecoin is a token built to stay worth $1. Big issuers such as Tether and Circle mint new tokens when approved customers send in dollars, and burn them when customers cash out. Trading coins back and forth doesn't change the count. Supply falls only when more money is redeemed than deposited.

That makes the total a rough gauge of how many dollars are parked inside crypto, ready to trade or lend.

The data don't show who redeemed or why.

Prices barely moved on Sunday. Bitcoin sat near $75,820 at 5:55 a.m. ET, down 0.1% in 24 hours, per CoinGecko, after U.S. spot bitcoin ETFs lost $411.9 million on Friday, Farside Investors data show.

In our opinion: the weekly change tells the story here. Five straight weeks of shrinking supply means more dollars are walking out than walking in, and USDT and USDC account for about $4 billion of this week's exits. The check-in worth making is Nov. 15, when a sixth weekly reading will show whether the exits slow or keep going.