Stablecoin supply falls 0.7% from January to October this year, compared with a 49% increase last year

Stablecoin total supply has contracted by $2.1 billion (about 2.8 trillion won) between January 1 and October 28, falling to $301.6 billion (roughly 402.6 trillion won), according to DefiLlama data cited by Milk Road Crypto and reported by blockchain media outlet Uosso. This marks a sharp reversal from 2024, when supply surged roughly 49%—from $203.2 billion to $303.7 billion. Supply peaked at $315.5 billion on May 17 before declining, and by late October had fallen below its start-of-year level. Tether (USDT), the largest stablecoin, saw its supply drop $5.3 billion (about 7.1 trillion won) year-to-date. The contraction signals cooling demand for dollar-pegged tokens that underpin crypto trading and DeFi liquidity. Watch for whether USDT and other stablecoin issuance stabilizes or continues shrinking into year-end.