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Stablecoin Supply Slips $2 Billion in a Week as USDT and USDC Shrink
Total stablecoin supply fell to $302.8 billion, down about $2.1 billion in a week, as both Tether and USDC lost circulation.
The dollar-pegged stablecoin market shrank to $302.8 billion on Oct. 24, down about $2.1 billion from $304.9 billion a week earlier, according to DefiLlama data. It was $305.2 billion on Oct. 16.
The drop came from the top two tokens. Tether's USDT stood at $182.45 billion, down $1.03 billion over the week. Circle's USDC was at $71.81 billion, down $0.92 billion. USDC is also down $3.62 billion over the past month, the largest monthly decline among major stablecoins on DefiLlama's list.
Smaller tokens barely moved. Sky's USDS was off about $20 million on the week, and DAI was roughly flat.
Why supply numbers get watched
Stablecoins are the main cash leg of crypto trading. When holders redeem them for dollars, supply falls. Traders often read that as money leaving the market rather than waiting on the sidelines.
The dip is small. It's under 1% of total supply. The market sat above $300 billion for all of October, per DefiLlama.
The decline lines up with a soft week for prices. Bitcoin traded near $80,500 early Saturday, per CoinGecko, and U.S. spot bitcoin ETFs posted outflows on Thursday and Friday, according to Farside Investors.
Our read: One week of redemptions is not a trend. Two or three more would be.
Sources: DefiLlama Stablecoins · CoinGecko · Farside Investors
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