Stablecoins lost $13.4 billion in 30 days. USDT alone shrank $8.3 billion
CoinGecko data shows the three biggest dollar tokens all got smaller since mid-October. Tether's USDT fell every week, and November 11 was its worst day of the month.
Key points
- USDT, USDC and USDS together lost $13.44 billion of market value between October 14 and November 12, 2026, CoinGecko's daily data shows.
- Tether's USDT fell from $184.05 billion to $175.72 billion, a drop of $8.34 billion. Circle's USDC lost $3.34 billion and Sky's USDS lost $1.76 billion.
- Ethena's USDe went the other way, up $178 million. CoinGecko put the whole stablecoin category at $285.35 billion at 12:37 a.m. ET.
What moved
Stablecoins are tokens built to stay at $1. Traders keep them as ready cash on exchanges and in DeFi apps. When holders cash out with the issuer, the tokens are destroyed and supply falls.
We pulled 30 days of daily market values from CoinGecko at 12:43 a.m. ET on November 12, 2026. Market value is tokens in circulation times price. With prices near $1, it tracks supply closely.
USDT, issued by Tether, went from $184.05 billion on October 14 to $175.72 billion, down $8.34 billion or about 4.5%. USDC, issued by Circle, went from $72.89 billion to $69.55 billion, down $3.34 billion. USDS, from Sky (the former Maker), fell from $10.34 billion to $8.58 billion, a 17% drop. Together the three lost $13.44 billion.
30-day change in market value, October 14 to November 12, 2026
US$ billion
Daily market values read November 12, 2026, 12:43 a.m. ET. Source: CoinGecko.
A slow, steady leak
USDT did not fall in one big hit. Its market value slipped on most days of the month. The pace picked up in November: it was $179.97 billion on November 2 and lost about $4.25 billion in the 10 days after.
The worst single day in the series was November 11, when USDT's value fell from $176.89 billion to $175.72 billion, about $1.16 billion in one day. Only one big dollar token grew: Ethena's USDe rose from $4.75 billion to $4.93 billion.
The whole market
CoinGecko's stablecoin category was worth $285.35 billion at 12:37 a.m. ET, down 0.11% in 24 hours. USDT is about 62% of that and USDC about 24%, so these two set the direction for the whole group.
Why it matters
Stablecoins are the cash that flows into crypto trades. When supply grows, new dollars are arriving. When it shrinks, holders are taking dollars out. The data shows the outflow, not the reasons behind it.
Read our earlier pieces: supply fell about $5 billion in six days to November 6, and another $1.5 billion by November 9.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the steady daily drop matters more than any single day: USDT shrank on most days for a month, which looks like a broad cash-out rather than one large holder leaving.
- USDS losing 17% in 30 days is the sharpest move among the big names. It is smaller than USDT, so each redemption counts for more.
- USDe growing while the others shrink is a small exception. At $178 million, it does not change the overall direction.
What's next
- Whether USDT holds above $175 billion this week
- Whether USDC keeps shrinking or flattens near $69.5 billion
- Whether USDS keeps falling after its 17% monthly drop
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 API, USDT 30-day daily market value (read November 12, 2026, 12:43 a.m. ET)
- CoinGecko API, USDC 30-day daily market value (read November 12, 2026, 12:43 a.m. ET)
- CoinGecko API, USDS 30-day daily market value (read November 12, 2026, 12:43 a.m. ET)
- CoinGecko API, USDe 30-day daily market value (read November 12, 2026, 12:43 a.m. ET)
- CoinGecko, stablecoin category total market value (read November 12, 2026, 12:37 a.m. ET)
