Stablecoin Supply Falls to $287 Billion, Lowest Since September 2025

The supply of dollar stablecoins fell on 13 of the 14 days through Saturday, to $287.05 billion, its lowest level since September 2025, DefiLlama data show.

That is $25.8 billion, or 8.2%, below the May 17 peak of $312.85 billion. About $9.3 billion of it has left since Nov. 1, and $4.4 billion in the past seven days.

Tether accounts for most of the drop

USDT, the largest stablecoin, shrank by $8.17 billion over 30 days to $175.36 billion on DefiLlama's count. Tether's own transparency page lists $175.4 billion of liabilities and $180.9 billion of assets, a cushion of about $5.5 billion.

USDC fell $3.53 billion over the same 30 days to $69.3 billion. Circle's USDC page shows a lower figure, 67.9 billion USDC in circulation as of Nov. 12. The page doesn't explain the gap, and DefiLlama's tally adds up tokens across many blockchains.

How a stablecoin shrinks

A stablecoin is a token built to stay worth $1. Circle says businesses with a Circle Mint account send it dollars and receive the same amount of new USDC, which it calls minting. When they hand USDC back for dollars, the tokens are burned and leave circulation.

So supply only falls when more tokens are redeemed than created. Each redemption pays dollars out of the issuer's reserves. Mint accounts are open to exchanges, banks and large trading firms, not to individuals, according to Circle.

Not every token dropped: Ripple's RLUSD grew $390 million over 30 days, to $2.8 billion, DefiLlama shows.

The decline has come alongside a slide in crypto prices. Bitcoin was near $64,990 at 11:55 p.m. ET Saturday, down 3.1% in 24 hours, per CoinGecko.

In our opinion: the number to follow is USDT. It made up about $8.2 billion of the past month's decline, more than twice USDC's share, while Tether's page still shows assets above what it owes. The latest daily reading was flat, so the next few DefiLlama prints will show whether the redemptions have paused or only taken Saturday off.