Stablecoins shrank $1.25 billion in a day. USDT and USDC on Ethereum fell $1.06 billion
The eight biggest dollar stablecoins lost $1.25 billion in 24 hours and $4.86 billion in a week, DefiLlama data show. Ethereum and Hyperliquid shed the most, while USDC grew on Solana, Arbitrum and Base and USDT grew on Plasma.
Key points
- The eight largest stablecoins held $270.0 billion at 12:40 a.m. ET on November 11, 2026, down $1.25 billion in a day and $4.86 billion in a week on DefiLlama.
- USDT shrank $570 million in a day and USDC $439 million.
- On Ethereum, USDT and USDC fell a combined $1.06 billion in a day. Hyperliquid's USDC fell $194 million.
- Solana's USDC rose $189 million in a day, and USDT on Plasma rose $233 million in a week.
What moved
Stablecoins are tokens pegged to the US dollar. Their supply rises when people deposit dollars with issuers and falls when tokens are redeemed for cash, so it is a rough gauge of money coming into or leaving crypto.
DefiLlama's stablecoin data, read at 12:40 a.m. ET on November 11, 2026, put the eight largest dollar stablecoins at $270.0 billion. That was $1.25 billion less than a day earlier and $4.86 billion less than a week earlier. Bitcoin fell 1.2% in the same 24 hours, to about $73,770 on CoinGecko.
Which coins shrank
Tether's USDT fell $570.1 million in a day to $176.26 billion, and $2.34 billion in a week. Circle's USDC fell $438.7 million to $70.09 billion, and $1.17 billion in a week. World Liberty Financial's USD1 lost $156.1 million in a day. Sky's USDS was down $1.15 billion over the week.
Two grew. Ethena's USDe added $367.4 million in a week, and Ripple's RLUSD added $31.9 million in a day.
Change in supply, last 7 days
US$ million
Source: DefiLlama stablecoins API, read November 11, 2026, 12:40 a.m. ET
Which chains lost and gained
DefiLlama splits each coin by blockchain. The biggest drop was on Ethereum, where USDT fell $469.3 million and USDC $592.2 million in a day, $1.06 billion together. Over the week Ethereum lost $3.82 billion of the two coins. USDT on Tron was flat for the day.
USDC on Hyperliquid's own chain fell $193.9 million in a day to $6.33 billion. Hyperliquid traders use USDC as collateral for their bets (new to Hyperliquid? Read our guide), so the drop suggests money left the exchange's chain as prices slid.
Other chains gained USDC in the same day: Solana $188.5 million, Arbitrum $75.8 million and Base $72.1 million. Solana did not gain overall, though: USDT there fell $199.8 million in a day, slightly more than its USDC rose. USDT on Plasma, a chain built for stablecoins, rose $81.4 million in a day and $233.4 million in a week. Circle's Arc chain added $205.9 million of USDC in the week.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the Ethereum drop points to redemptions, because tokens redeemed with Tether and Circle are usually burned on Ethereum. Money moving to other chains would not shrink the total.
- The Hyperliquid fall suggests some traders took cash off the exchange's chain rather than reload as prices slid.
- USDC gains on Solana, Base and Arbitrum were too small to offset the losses, so the overall picture is still money leaving, not moving.
What's next
- Total of the eight largest stablecoins against $270.0 billion
- USDC on Hyperliquid against $6.33 billion
- Whether USDT on Tron starts to shrink
- USDS after a $1.15 billion weekly 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.
