Total supply of stablecoins dropped sharply for first time ever
In a separate graph, USDC and BUSD supplies fell sharply in May, but both have rebounded since then and are close to returning to their all-time highs.
According to data analytics firm CoinMetrics, the total supply of stablecoins in Q2 in 2022 has declined the most in history, with short-term liquidity and worries about bankruptcy during the 2020 panic leading to increased stablecoin redemption.
Lucas Nuji, head of research and development at CoinMetrics, highlighted the data via Twitter on June 16, showing a total supply of stable coins from January 2020, including a graph.
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