Stablecoin supply falls $14.2B in biggest 30-day drop since June 2022

Stablecoin supply fell by $14.2 billion in the latest 30-day period, the largest decline since June 2022. This marks the most significant drawdown since that time, when supply dropped nearly $30 billion. Tether's USDT stablecoin is slightly below its USD peg, and the Coinbase Premium Index remains negative after reaching its lowest level in four years. The contraction coincides with Bitcoin's recent dip below $58,000. The decline reflects broader market uncertainty and reduced confidence in stablecoin reserves.