Stablecoins bleed $14.2B in a month, deepest cut since 2022

Stablecoin supply shrank by $14.2 billion over the 30 days ending November 10, 2026, per on-chain analytics firm Glassnode, which published the finding on November 11. The total now sits in the low $290 billion range. Research packaged with the report pins it between $290 billion and $293 billion — a multi-week low for the sector. It is the largest monthly contraction since June 2022.

In percentage terms the slide just crossed 4%, with estimates landing between 4% and 5%. Data from Stablecoin Beat and other on-chain and market sources corroborates the drop. USDT and USDC carried most of the weight, hit by heavy redemptions, while several minor and mid-tier coins were also redeemed. A handful bucked the trend — RLUSD among them, which grew during the stretch.

The plumbing is simple: dollars in mint new tokens and lift supply, while holders cashing out redeem tokens and pull them from circulation. Glassnode reads the current pattern as steady investor caution, pointing to consistent net redemptions across multiple weeks heading into November.

The drawdown didn't happen alone. It overlapped with reported outflows from US spot Bitcoin ETFs and price declines across major digital assets. The June 2022 comparison carries weight too — that contraction followed the Terra collapse, and Glassnode notes this one also trails weeks of net redemptions, suggesting confidence is slow to return amid ongoing volatility. Glassnode added that a renewed rise in supply could signal fresh capital flowing back into digital asset markets.

Three things are worth tracking from here. Whether USDT and USDC redemptions slow or keep running, since they drove the decline and would likely drive any reversal. Whether smaller tokens like RLUSD keep growing against the grain. And how stablecoin flows track US spot Bitcoin ETF flows, given both pulled back in the same window.