Stablecoin Market Sheds $26.15B Since Its May Peak

The stablecoin economy is running light. According to Defillama data reviewed by Bitcoin.com News on Saturday, Nov. 14, capitalization has dropped 5.36% over 30 days, 1.52% over seven days and 0.27% in the previous 24 hours. Since its May peak, $26.15 billion has vanished, leaving the market at roughly 91.59% of that valuation.

Tether's USDT still rules the pack at $175.222 billion, even after a 4.7% slide over 30 days. Circle's USDC sits at $69.201 billion, down 4.9% on the month. Together the two hold $244.423 billion in circulating supply.

The damage gets far sharper further down the list. Sky Dollar (USDS) fell 22.04%, World Liberty Financial's USD1 dropped 24.79%, Aave's GHO collapsed 61.47% and USD.AI slid 54.56%. Not everyone bled: Ripple's RLUSD grew 15.12%, Ethena's USDe added 3.04%, Open USD rose 18.52% and M by M0 jumped 26.02%. Glassnode puts the 30-day erase at $17 billion.

Tokenized U.S. Treasury funds are shrinking alongside them. RWA.xyz figures collected Saturday show $13.91 billion in distributed value across 123 assets and 86,320 holders, down 5.36% over 30 days, with the ten biggest products holding about 85.4% of it. Blackrock's BUIDL fell 24.39%, now at $1.654 billion, and Circle's USYC contracted 15.46%, now at $2.016 billion. Wisdomtree's WTGXX dropped 36.43% and Invesco's USTB shed 26.63%, while Franklin Templeton's BENJI climbed 88.38%, Ondo's SHVon gained 43.84% and JPMorgan's JLTXX added 4.03%.

A smaller supply alone doesn't prove money is fleeing crypto. The report notes institutional reallocations, transfers between issuers and changing collateral preferences can all move capitalization without withdrawals. Stablecoins do double duty as trading capital, settlement instruments and collateral, while tokenized Treasuries also distribute yields, which makes both categories retreating at once the notable part.