Stablecoin supply drops about $5 billion in a week as capital exits crypto
Total stablecoin supply fell by roughly $5 billion over the past week to about $293 billion, according to DefiLlama, while Sentora measured a decline of about $6 billion. Circle burned more USDC on Ethereum than it minted over the past month, a net reduction of around $3.1 billion, and Tether's supply slipped below $177 billion. Ethena's USDe was one of the few to grow. The contraction coincided with about $365 million of outflows from US spot ether ETFs in the week to November 6.