Crypto’s cash pile is shrinking. Stablecoins just had their fastest drop since 2022, losing $14.5 BILLION in 30 days. Glassnode says holders are redeeming stablecoins for dollars…
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Crypto’s cash pile is shrinking. Stablecoins just had their fastest drop since 2022, losing $14.5 BILLION in 30 days. Glassnode says holders are redeeming stablecoins for dollars and taking that cas…
Crypto’s cash pile is shrinking. Stablecoins just had their fastest drop since 2022, losing $14.5 BILLION in 30 days. Glassnode says holders are redeeming stablecoins for dollars and taking that cash out of the market. Tether alone shrank by $8.4 BILLION, more than half the drop. Stablecoin supply now sits at $289 BILLION, $23 BILLION below its May peak and below where it started 2026. Most stablecoins are minted to fund crypto trades, so when trading interest drops, demand for new ones falls, per CoinDesk. It’s not just stablecoins. Bitcoin ETF flows have also turned NEGATIVE for 2026. So has this happened before? The last time stablecoins shrank this fast was in 2022, after Terra’s UST, which was the third largest stablecoin at the time, lost its $1 peg and collapsed. At the worst point in May 2022, supply fell $28.6 BILLION in 30 days, about twice today’s pace. Today, Tether, the largest stablecoin by market cap, is trading at $0.999, just below $1. Payments tell a different story, with stablecoin payments hitting $482 BILLION in the first 9 months of 2026, up 45% from a year earlier, per Allium. Glassnode says a return to supply growth would be the first sign that new money is coming in.
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