The combined supply of stablecoins fell by $6.6 billion in the seven days to November 7, the biggest weekly decline of 2026, according to figures from data provider DefiLlama.
Supply stood at $294.1 billion on November 7, down from $300.7 billion a week earlier. It slipped under $300 billion on November 2 and has stayed there since. Supply dipped below that mark for a single day twice in August, but this is its longest stretch under $300 billion since first passing it in October 2025. This year’s high, $317.1 billion, came on May 17.
Which coins shrank
Most of the fall came from the two biggest issuers. Over the seven days to November 8, a window in which the total dropped by $6.0 billion, Tether’s USDT shrank by $2.8 billion and Circle’s USDC by $1.2 billion. Together they make up about two-thirds of the decline.
The table shows the largest moves in DefiLlama’s data over the same window, along with the change over the past month.
| Coin | Name in DefiLlama | Supply on November 8 | 7-day change | 30-day change |
|---|---|---|---|---|
| USDT | Tether | $176.8 billion | -$2.8 billion | -$7.4 billion |
| USDC | USD Coin | $70.7 billion | -$1.2 billion | -$2.6 billion |
| USDS | Sky Dollar | $5.6 billion | -$763 million | -$1.2 billion |
| USD1 | World Liberty Financial USD | $3.5 billion | -$425 million | -$848 million |
| USDe | Ethena USDe | $4.9 billion | +$422 million | +$102 million |
| RLUSD | Ripple USD | $2.7 billion | +$280 million | +$222 million |
Not every coin lost ground, then. Ethena’s USDe and Ripple’s RLUSD both grew during the week, though their gains together cover only a fraction of what left USDT alone.
The pegs held
None of this came with a break in prices. DefiLlama priced USDT at $0.9987 and USDC at $0.9999 on November 8.
A stablecoin’s supply shrinks when holders hand coins back to the issuer for dollars and the issuer destroys them. The data does not show who redeemed or why.
Tether’s own transparency data, read on November 8, put USDT’s net circulation at about $177.0 billion, close to DefiLlama’s count, against total reported assets of $182.5 billion. Circle’s transparency page says USDC reserves are reported weekly, and its latest figures were dated November 5.
What it means for payments
For a business paid in USDC or USDT, a falling supply does not by itself change what a coin is worth. The test is whether the coin can still be redeemed one for one, and the market price is the quickest public sign of that. Both coins stayed within a fraction of a cent of $1.
Some merchants never hold the coins at all. Several of the processors that let a shop accept stablecoin payments convert them on arrival and pay out in dollars or euros.
DefiLlama updates its supply series daily, Tether refreshes its circulation figures daily and Circle publishes reserve data weekly. Circle’s next weekly update will show whether USDC redemptions carried on after November 5.
