Stablecoin supply fell $6.66 billion in the seven days to 7 November, to $292.31 billion, the steepest weekly contraction of 2026 and the deepest since the week Terra’s UST collapsed in May 2022, according to DefiLlama’s daily stablecoin series. Tether and Circle accounted for $4.40 billion of the fall, 66% of the total. Neither token broke its peg: USDT traded at $0.99892 and USDC at $0.99945 on CoinGecko at 01:03 UTC on 8 November. The dollars left through redemptions, not through a discount.