Stablecoin issuance slows at the end of October.
The stablecoin market cap has made its way back down to $300B amid a slow net new global issuance from top stablecoin issuers.
Last month, the stablecoin market increased to $305B before subsiding, while top stablecoin issuers released their recent stablecoin reserves from August.
Stablecoin Supply Momentum Slows
Over the last 30days, there a mixed changes to stablecoin issuance.
Most issuers experienced a decrease in net stablecoin circulating supply per DefiLlama stablecoin metrics.
Tether (USDT) lost about $1.9B but retains 60% of market share, while Circle (USDC) saw a bigger drawdown of $4.19B.
They are joined by Ethena (USDe) which reduced its supply by $347.53M; World Libery Financial (USD1) reduced by $481.9M; and Paxos (USDG) also saw a $107.15M decrease.
However, there were some better performances in the top 20.
Paypal (PYUSD) added $188.58M; Ripple (RLUSD) added $76.21M; and Falcon (USDf) saw a $510.67M supply increase.
Open Standard (OUSD) launched in September, but it’s issuance already stands at $834.81M.
Stablecoin Volume Bottomed
Despite this, stablecoin volume may have already bottomed.
The last week of September saw $218.37B in weekly volume matching the first week of August.
Since then, weekly stablecoin volumes have picked up.
A major spike of $441B occurred between 12th and18th October – marking the highest single week since end of June.
