The total supply of stablecoins fell by $14.2 billion over the 30 days ending on November 9, according to Glassnode. It was the largest 30-day contraction recorded since June 2022, when supply dropped by nearly $30 billion. Holders are redeeming stablecoins for dollars and withdrawing liquidity from crypto markets, leaving less fuel for a rally. Tether, the largest stablecoin by market capitalization, traded slightly below its $1 peg, while the Coinbase Premium Index remained negative after reaching a four-year low on October 29.
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