Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022
Crypto markets were left with “less fuel” to rally after the market cap of major stablecoins saw its biggest 30-day drop in over four years.
Stablecoin supply fell by $14.2 billion over 30 days, the biggest drop since June 2022, according to Glassnode.
Key points:
The rolling 30-day contraction in stablecoin supply hit $14.2 billion this week, more than the $9.5 billion drop seen as Bitcoin (BTC) fell below $58,000 on July 1. It also marks the most pronounced drawdown since June 2022, when supply fell by nearly $30 billion.
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