According to CoinMeta, the cash reserves of stablecoins are declining. In the past 30 days, the total supply of stablecoins has decreased by $14.5 billion, marking the fastest decline since 2022. According to data from Glassnode, holders are exchanging stablecoins for US dollars and withdrawing cash from the market. In particular, the supply of Tether has decreased by $8.4 billion, accounting for more than half of the total decline. Currently, the supply of stablecoins is $289 billion, which is $23 billion lower than its peak in May and also below the levels seen at the beginning of 2026. Most stablecoins are created to support cryptocurrency transactions, so when interest in trading declines, the demand for new stablecoins also decreases. Additionally, the inflow of funds into Bitcoin ETF turned negative in 2026. According to data from Allium, stablecoin payments reached $482 billion in the first nine months of 2026, a year-on-year increase of 45%. Glassnode indicates that a rebound in supply will be the first sign of new capital inflows.