Big stablecoins shrank another $1.5 billion since Friday. Sky's USDS lost $921 million
Eleven of the largest dollar tokens lost $1.54 billion in market value in three days, CoinGecko data shows. Ethena's USDe went the other way, up $412 million.
Key points
- The 11 large stablecoins we tracked fell from $280.45 billion to $278.91 billion in market value between midnight ET on November 6 and 12:40 a.m. ET on November 9, CoinGecko data shows.
- Sky's USDS fell the most, by $921 million or 9.7%, to $8.63 billion. USDT lost $672 million, USD1 $192 million and USDC $173 million.
- Ethena's USDe grew $412 million, or 9.1%, to $4.93 billion. PayPal's PYUSD and Ripple's RLUSD also grew.
What moved
Stablecoins are tokens built to stay at $1. Traders hold them as ready cash on exchanges and in DeFi. When an issuer redeems tokens for dollars, it destroys them and supply falls. When it creates new tokens, supply rises.
Our November 6 piece showed total supply down about $5 billion in six days. The shrinking has continued. We pulled hourly market values for 11 of the largest dollar tokens from CoinGecko. Market value is tokens in circulation times price, and with prices near $1 it tracks supply closely. Together the 11 fell from $280.45 billion at midnight ET on November 6 to $278.91 billion at 12:40 a.m. ET on November 9, a drop of about $1.54 billion.
Change in market value, November 6 to November 9
US$ million
Midnight ET November 6 to about 12:40 a.m. ET November 9, 2026. FDUSD (minus $5.9M) and USDf (+$1.7M) not shown. Source: CoinGecko market chart API.
When the big moves happened
Most of the change came in a few large steps rather than a steady drip. In CoinGecko's hourly data, USDS fell about $727 million in the hour to 2 p.m. ET on November 6 and about $202 million more at 1 p.m. ET on November 8. USDT dropped about $715 million at 8 p.m. ET on November 6. USDe rose about $338 million at 5 a.m. ET on November 8, during the weekend that ended with ether's Sunday drop.
Steps like these show when CoinGecko updated each token's supply. They do not show who redeemed or minted, and we did not trace the transactions on a block explorer for this piece.
Why it matters
Shrinking stablecoin supply means dollars are leaving crypto altogether. Trading between coins does not change it. USDS is the dollar token of Sky, the former MakerDAO, so a 9.7% fall in three days is a large exit for one token. USDe is a synthetic dollar hedged with short futures bets, and part of its yield comes from funding. Its growth during a sell-off is unusual, and the reason is not in the data.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the steady drain in USDT and USDC fits a market where some traders are cashing out rather than waiting on the sidelines.
- USDS losing nearly a tenth of its value in three days stands out more than USDT's larger dollar drop. A few big holders redeeming could explain it, but the data cannot say.
- USDe growing while ether funding turned negative is worth watching. Negative funding can cut the yield that backs USDe's payouts.
What's next
- Whether USDS keeps shrinking or stabilizes near $8.6 billion
- Whether USDe holds its new $4.9 billion level
- Whether USDT supply turns back up
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- CoinGecko, stablecoins category market data API (read November 9, 2026, 12:40 a.m. ET)
- CoinGecko, USDS hourly market chart API, 7 days (read November 9, 2026, 12:41 a.m. ET)
- CoinGecko, Tether (USDT) hourly market chart API, 7 days (read November 9, 2026, 12:40 a.m. ET)
- CoinGecko, Ethena USDe hourly market chart API, 7 days (read November 9, 2026, 12:41 a.m. ET)
- CoinGecko, USD Coin (USDC) hourly market chart API, 7 days (read November 9, 2026, 12:40 a.m. ET)
