Tether and Circle Account for 77% of $11.5B Stablecoin Supply Drop

Stablecoin supply fell $11.5 billion over the past month to $291.2 billion, with Tether and Circle accounting for about 77% of the decline.

Tether’s supply fell $5.7 billion and Circle’s fell $3.2 billion, combining for $8.9 billion of the reported drop. The marketwide total contracted 3.8% and stood 7% below its 52-week high.

Median supply among stablecoins with more than $100 million in circulation declined 1% over the same period, well below the overall decrease. The figures show an uneven contraction but establish no specific cause for it.