Stablecoin supply shrinks by $14.2B in 30 days, Glassnode says

Stablecoins are supposed to be the boring part of crypto. This month, they became the most telling part.

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 stablecoin supply had slipped into the low $290 billion range.

Research compiled alongside the report puts the figure between $290 billion and $293 billion. That marks a multi-week low for the sector.

In percentage terms, the monthly decline just passed 4%. Estimates of the total contraction land in a 4% to 5% range.

Data from Stablecoin Beat and other on-chain and market sources backs up the drop.

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 stablecoins also saw notable redemptions over the same stretch. A handful of stablecoins, including RLUSD, actually grew during the period.

When someone buys new stablecoins with dollars, fresh tokens get minted and supply rises. When holders cash out for dollars, those tokens are redeemed and removed from circulation, and supply falls.

Glassnode framed the current trend as a sign of steady investor caution. The research points to consistent net redemptions for multiple weeks heading into November.

The drop also didn’t happen in isolation. It coincided with reported outflows from US spot Bitcoin ETFs and price declines across major digital assets.

Comparisons to June 2022 carry some weight. That month followed the Terra collapse. The current contraction, per the research, also follows weeks of net redemptions, which suggests investor confidence may be reluctant to return amid ongoing volatility.

Total supply now sits in the $290 billion range, so a $14.2 billion drop represents roughly the 4% to 5% hit described in the data.

Glassnode pointed out that a renewed rise in stablecoin supply could herald fresh capital flowing back into digital asset markets.

A few specific things are worth tracking. First, whether USDT and USDC redemptions slow down or keep going. They drove most of the decline, so they will likely drive any reversal too.

Second, whether smaller tokens like RLUSD keep growing against the trend. Third, the relationship between stablecoin flows and US spot Bitcoin ETF flows. Both pulled back during the same window.