Stablecoins shed $14.2 billion in 30 days, the biggest drop since 2022, as Tether's USDT loses more than double its post-FTX decline

Money is draining out of stablecoins at a pace not seen since 2022. Major stablecoins lost $14.2 billion of supply over the past 30 days, the largest contraction since the 2022 bear market, The Block reported on Wednesday, citing a Glassnode report. Tether's USDT and Circle's USDC together shed nearly $11 billion, according to The Block.

Tether's token stands out. Its market value fell $6.6 billion in the 60 days through November 7, according to CryptoQuant data, more than double the $3.2 billion drop after the FTX collapse in late 2022. Total stablecoin supply now sits just below $280 billion, The Block said (AMBCrypto puts it nearer $290 billion), a level last seen in September 2025. USDT holds about 62.8% of the market and USDC about 25.1%.

The current drop is still about half the size of the sharpest 2022 decline: in June that year, supply fell close to $30 billion in 30 days. Glassnode argues that redemptions take cash out of crypto markets and leave less buying power, and it called a return to supply growth the "first sign that new money is coming in." CryptoQuant has said a local bitcoin bottom could form before USDT supply turns positive again, The Block reported.