The second-largest dollar token in crypto has shrunk by $4.08 billion over the past 30 days. That is how much USDC holders returned to the issuer without an equal amount of new tokens being minted. No other stablecoin lost as much supply over the same period.
This is not a price move. A stablecoin pegged to the dollar still trades at a dollar; USDC stood at $0.9994 on October 27, 2026. What has changed is the number of tokens that exist at all. And for the crypto market that number is a metric in its own right, because it shows how much capital is sitting in dollar form without having left the ecosystem.
Stablecoin supply: $290 billion across the 14 largest dollar tokens
For this article we went through the circulating supply of every stablecoin tracked by DefiLlama, 425 tokens in total, and then looked at the 14 that weigh in above $1 billion. Together those 14 come to $290.19 billion. Across all 425 tokens the figure is $305.10 billion. cryptoticker.io compiled this data itself on October 27, 2026.
Circulating supply is the number of tokens an issuer has put out and not yet taken back in. It rises when someone deposits dollars and receives new tokens in return, and it falls w...
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