According to Glassnode data, total stablecoin supply declined by $14.2 billion over the past month, marking its fastest decrease since June 2022. The contraction brought total supply to just below $280 billion and primarily affected USDT and USDC, which accounted for nearly $11 billion of the reduction. The decline in these widely used transaction stablecoins may reflect weakening liquidity and activity across the cryptocurrency market. Indicators point to a possible correlation with Solana’s market performance, while Solana Labs’ actions and potential regulatory moves by the SEC are likely to be closely monitored.
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