Stablecoin weekly: Big-3 falls $4.15B as Tether burns $4.0B in 75 minutes
The Big-3 stablecoin float fell $4.15B to $253.646B in a fourth straight weekly decline, after Tether burned $4.0B of USDT in 75 minutes and tracked exchange balances dropped $6.53B.
The aggregate supply of the three largest stablecoins closed the seven days to November 4, 2026 at 08:00 (UTC−05:00) at $253.646B, down $4,149.9M, or 1.61% 1. USDT fell $3,650.7M to $178.111B, USDC $491.3M to $70.828B, and DAI $8.0M to $4.707B 1.
This is the fourth straight weekly decline and much the largest. The weeks to October 14, 21 and 28 removed $1,515.2M, $2,130.5M and $2,501.8M.
Most of it was one morning. Tether burned 2,000.0M USDT twice on November 2, at 09:58 and 11:13 local, both on Ethereum — $4,000.0M gone in 75 minutes 23. That is more than the week's entire USDT decline, and it is the first Tether Treasury burn since August 21, when the same amount went the same way 4.
The week opened with the largest crypto theft on record. Binance reported a security incident on October 29, and Tether says it froze more than $1.5 billion of USDT within 30 minutes of the hack, which the FBI has attributed to North Korea 5.
Whale Alert logged four USDT address freezes between 16:10 and 16:31 local that day — 312.7M, 971.1M, 66.0M and 175.0M, or $1,524.9M — plus 823.0M USDC at 16:13 678910. A freeze puts a balance out of reach but leaves it in supply; only a burn removes it.
The Federal Reserve did not help the dollar side. It held its target range at 3.75% to 4% on October 28 by a 10–2 vote, with two members preferring a quarter-point increase, and said it would keep reserves ample 11. Its next meeting is December 8–9 12.
Bitcoin traded at $78,300.23, down 2.94% over the seven days, and Ether at $2,315.20, down 0.95% 1314. Sentiment read 34, Fear, against 51, Neutral, a week earlier 15.
Big-3 aggregate supply movements
| Asset | Current supply | Previous-week supply | 7-day change | Change |
|---|---|---|---|---|
| USDT 1 | $178.111B | $181.762B | −$3,650.7M | −2.01% |
| USDC 1 | $70.828B | $71.319B | −$491.3M | −0.69% |
| DAI 1 | $4.707B | $4.715B | −$8.0M | −0.17% |
| Total Big-3 | $253.646B | $257.796B | −$4,149.9M | −1.61% |
Both weeks come from one asset-level response that reports them together, so today's figures sit on both sides of the comparison 1.
That response has moved since last Wednesday. This report then put the Big-3 at $257.122B; today's response puts the same moment at $257.796B, $674M higher. Measured against the printed level the week's decline is $3,476.0M. The paired figure of $4,149.9M is used throughout, and a reader holding last week's number should know the two differ.
Over 30 days the Big-3 is $9,157.6M smaller: USDT down $5,707.1M, USDC down $3,361.7M and DAI down $88.8M 1.
The endpoint's own daily fields put $881.5M of the decline in the final 24 hours, split almost evenly between USDT at $437.3M and USDC at $443.3M. That field is quoted as the endpoint reports it, not recomputed.
A second series agrees on USDT and on the size of the November 2 move. CoinMetrics records USDT at $189.1297B through November 1 and $184.1232B on November 2, a one-day fall of $5,006.5M 16. Its series had been flat for weeks before that, so read it as confirmation that one large contraction happened, not as a second measurement of the weekly total.
On USDC the second series disagrees. CoinMetrics has USDC at $62.9198B on November 3 against $62.3362B on October 28, up $583.6M, where DeFiLlama has it down $491.3M 17. The two also differ in level by about $7.9B, which points at chain coverage rather than at an arithmetic slip. This report uses DeFiLlama's figures for USDC and says so here.
Chain-level supply distribution
A chain balance is where a stablecoin sits at the snapshot moment. Each table names the chains with the largest weekly moves plus one residual row, ordered by the size of the change.
USDT
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Ethereum 18 | $68.699B | $72.066B | −$3,367.3M |
| Solana | $2.272B | $2.811B | −$539.3M |
| Aptos | $337M | $466M | −$129.8M |
| OP Mainnet | $195M | $213M | −$17.8M |
| Kaia | $188M | $203M | −$15.1M |
| Berachain | $23.5M | $37.9M | −$14.4M |
| Hyperliquid L1 | $62.9M | $73.8M | −$10.9M |
| Mantle | $438M | $447M | −$9.2M |
| TON | $500M | $490M | +$10.0M |
| Polygon | $739M | $726M | +$13.0M |
| X Layer | $142M | $128M | +$13.4M |
| Arbitrum | $822M | $806M | +$15.5M |
| Avalanche | $386M | $366M | +$20.0M |
| Plasma | $808M | $741M | +$67.0M |
| Tron | $92.659B | $92.342B | +$317.6M |
| Other chains (115) | $9.842B | $9.845B | −$3.3M |
Ethereum's $3,367.3M decline is 92% of USDT's weekly fall and the largest single-chain move in this snapshot 18. Both burns happened on Ethereum, which would remove $4,000.0M from the chain; its balance fell less than that, so about $633M of other net flow arrived there during the week.
Solana lost $539.3M in a second straight weekly decline. Aptos lost a quarter of its balance, from $466M to $337M.
Tron added $317.6M to $92.659B, more than recovering the $256.7M it lost a week earlier, and Plasma added $67.0M.
USDC
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Ethereum 19 | $43.288B | $43.979B | −$691.1M |
| Hyperliquid L1 | $6.565B | $6.790B | −$225.5M |
| Avalanche | $325M | $400M | −$75.2M |
| Base | $4.323B | $4.364B | −$40.4M |
| Stellar | $321M | $349M | −$28.2M |
| Aptos | $264M | $227M | +$37.1M |
| Sui | $321M | $274M | +$46.8M |
| Arbitrum | $2.267B | $2.205B | +$62.2M |
| Arc | $1.178B | $1.010B | +$168.4M |
| Solana | $6.957B | $6.724B | +$233.3M |
| Other chains (147) | $5.018B | $4.997B | +$21.4M |
USDC's decline sits on Ethereum alone. Hyperliquid L1 lost $225.5M to $6.565B, a fourth consecutive weekly decline on that chain.
Solana gained $233.3M, its first weekly increase in at least three weeks. Sixteen of the week's seventeen mints landed there as 250.0M blocks, and the chain ended only $233.3M heavier, so the minted dollars kept leaving for other chains.
Arc added $168.4M to $1.178B, a second week above $1B since DeFiLlama began reporting the chain in September.
Circle's own per-chain API put total USDC at $70.630B at 08:06 local on November 4, 0.28% below DeFiLlama's figure 20. The two agree on the level and disagree on the split: Circle gives Ethereum $46.729B and Solana $6.652B.
DAI
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Ethereum 21 | $4.136B | $4.140B | −$4.8M |
| Polygon | $442M | $446M | −$3.4M |
| Arbitrum | $17.6M | $17.2M | +$0.4M |
| Other chains (46) | $112M | $112M | −$0.2M |
DAI moved $8.0M in a week of enormous USDT and USDC movement. At this size it carries no signal about buying power.
Bridge-received supply
The same endpoints separate each chain's balance into the part issued natively there and the part that arrived over a bridge. Summing the bridge-received side gives the float sitting behind a wrapped or bridged representation.
| Asset | Bridge-received, Nov 4 | Bridge-received, Oct 28 | 7-day change |
|---|---|---|---|
| USDT 18 | $12.808B | $12.780B | +$28.1M |
| USDC 19 | $3.556B | $3.629B | −$72.5M |
| DAI 21 | $572M | $575M | −$3.2M |
| Total Big-3 | $16.936B | $16.984B | −$47.6M |
The bridged float barely moved while the float itself fell 1.61%, so its share of the Big-3 rose to 6.68% from 6.59%.
The largest moves were USDC on Hyperliquid L1 at −$97.9M, USDT on Plasma at +$48.9M, USDC on Polygon at +$30.8M, USDT on OP Mainnet at −$18.5M, USDT on Berachain at −$14.5M and USDT on Arbitrum at +$14.0M.
These are stocks, not flows along a route. Pair-by-pair USDT, USDC and DAI netflows across bridges still have no free public series this report can verify, so what is here says how much sits behind a bridge on each chain, not which bridge it crossed.
Verified issuer and large-wallet events
| Asset and size | Event | Chain | Time | Meaning |
|---|---|---|---|---|
| USDT 2,000.0M 2 | Burned at Tether Treasury | Ethereum | Nov 2, 09:58 | Supply removal |
| USDT 2,000.0M 3 | Burned at Tether Treasury | Ethereum | Nov 2, 11:13 | Supply removal |
| USDT 1,524.9M 7 | Four addresses frozen | Tron, Ethereum | Oct 29, 16:10–16:31 | Hack proceeds |
| USDC 823.0M 10 | One address frozen | Ethereum | Oct 29, 16:13 | Hack proceeds |
| USDC 4,107.0M 2223 | Seventeen mints | Solana, Ethereum | Oct 28–Nov 3 | Issuance |
| USDC 202.6M 2425 | Two burns | Solana, Ethereum | Nov 2–Nov 3 | Supply removal |
| USDT 500.0M 2627 | Binance to Treasury and back | Ethereum, Tron | Oct 29, 11:36 | Matched pair |
| USDT 300.0M 2829 | Binance to Treasury, out to unlabeled | Ethereum, Tron | Nov 1, 09:12 | Pass-through |
| USDT 300.0M 3031 | Binance to Treasury, out to unlabeled | Ethereum, Tron | Nov 2, 09:06 | Pass-through |
| USDT 200.0M 3233 | Binance to Treasury and back | Ethereum, Tron | Nov 2, 14:27 | Matched pair |
| USDT 915.7M 3435 | Binance to unlabeled wallets | Tron, Solana | Oct 29 | Venue outflow |
| USDT 384.2M 3637 | Bitfinex to Treasury, 170.0M back | Ethereum | Nov 3, 11:53 | Routing |
| USDT 256.1M 3839 | Aave to Bitfinex and to unlabeled | Ethereum | Nov 3 | Lending outflow |
USDT's arithmetic closes better this week than in any week this report has covered. The two burns removed $4,000.0M against a $3,650.7M supply decline, so the burn exceeds the fall by $349.3M and other net issuance filled the rest 2. In the three previous weeks the feed carried no Tether movement in either direction against declines of $133.7M, $1,214.3M and $1,516.3M.
The freezes are a separate matter from the burns. $1,524.9M of USDT and $823.0M of USDC were frozen on October 29 and stay on chain, counted in every supply figure above, with nobody able to move them 7.
USDC's issuance ran harder than its supply change suggests. Seventeen mints totalling $4,107.0M ran between October 28 and November 3, sixteen of them 250.0M on Solana and one 107.0M on Ethereum, and two burns took back $202.6M 22232425. Net flagged issuance of $3,904.4M against a supply fall of $491.3M leaves the two directions reported side by side rather than netted.
Both issuers' venues fed the Treasury all week. Binance sent $1,300.0M to the Tether Treasury in four transfers and took $700.0M back; Bitfinex sent $2,949.1M across fifteen transfers and took $350.0M back, the last of them 150.0M at 07:43 on November 4 3640. Together the two venues sent $4,249.1M to the Treasury and took $1,050.0M back, in the week it burned $4,000.0M.
Not every large transfer was routing. Binance sent 612.7M and 303.0M to unlabeled wallets on October 29, and the Tether Treasury sent 300.0M to an unlabeled wallet on both November 1 and November 2 2934.
The nightly Unknown Whale 1 round trip through Aave that ran most nights for the past two months did not appear in this window. Aave saw four larger one-off moves instead: 150.0M in on November 2, 150.0M out and 106.1M out to Bitfinex on November 3, and 115.0M of USDC out on October 30 38394142.
Exchange balances as a buying-power proxy
Stablecoin float in exchange wallets is the part of the supply that can be spent on a position without changing chains first. The balances below come from wallet sets DeFiLlama tracks, averaged across each of the two weeks so that one day's wallet update does not drive the comparison.
Coinbase and Kraken sit outside every tracked wallet set reachable here, so these aggregates understate what exchanges as a group hold.
| Venue | This-week average | Prior-week average | Change | Series |
|---|---|---|---|---|
| Binance 43 | $41.452B | $47.397B | −$5,945.5M | Stable |
| Bybit 44 | $3.728B | $3.954B | −$226.4M | Stable |
| Bitget 45 | $542M | $741M | −$199.1M | Mixed |
| OKX 46 | $9.514B | $9.701B | −$187.7M | Stable |
| Bitfinex 47 | $533M | $445M | +$88.1M | Volatile |
| KuCoin 48 | $884M | $960M | −$76.1M | Stable |
| Gate 49 | $230M | $279M | −$48.3M | Mixed |
| Deribit 50 | $157M | $135M | +$22.5M | Volatile |
| Crypto.com 51 | $112M | $132M | −$20.2M | Volatile |
| MEXC 52 | $1.991B | $1.978B | +$12.7M | Stable |
| BingX 53 | $293M | $283M | +$9.4M | Mixed |
| Bitunix 54 | $149M | $154M | −$5.1M | Volatile |
| Phemex 55 | $123M | $127M | −$4.5M | Stable |
| Bitmex 56 | $108M | $108M | −$0.0M | Stable |
| All 80 tracked venues | $60.552B | $67.082B | −$6,529.7M | — |
| Venues with stable series | $58.095B | $64.517B | −$6,421.8M | — |
Both totals fell by nearly the same amount: $6,529.7M across all 80 venues and $6,421.8M across the steady subset, which is 25 venues and holds $58.095B of the $60.552B total.
The subset's membership is fixed on the screen taken over October 15 to 28, so both weeks measure the same venues. Screening on this week's data would have dropped Binance itself, whose series fails the 5% test on the drop below, and shrunk the subset to $16.877B — a different set of venues in each week, and no comparison at all.
Inside the subset USDT fell $5,246.1M to $48.814B and USDC $1,175.6M to $9.261B. Both fell this week; a week ago USDT fell $1,334.8M while USDC rose $161.3M.
Binance accounts for $5,945.5M of the $6,529.7M, and the fall arrived in three one-day steps: $3,327.2M on October 30, $3,254.3M on November 2 and $2,438.8M on November 3, followed by a $1,931.1M recovery on November 4 43. Across all 80 venues the daily total went from $66.000B on October 28 to $56.268B on November 3 and back to $58.197B on November 4.
Two readings fit those steps, and they point different ways. Read as withdrawals, they say $6.5B of buying power left the venues in a week when the float itself fell $4.1B. Read as a tracked address list being re-cut, they say Binance's wallet set changed and nothing left. The series alone cannot separate the two. What it does show is that the first step came the day after the hack was reported, that the last day gave back a third of the drop, and that no other venue moved more than $230M.
The proxy fell faster than the float. Total supply dropped 1.61% and tracked venue balances 9.7%, so dollars now sit at 23.9% of supply across the 80 venues against 26.0% a week earlier. On these venues the money that can be spent without moving a chain shrank by a tenth while the money in existence shrank by a sixtieth.
Market cross-check
| Asset / indicator | Snapshot | Change |
|---|---|---|
| BTC | $78,300.23 13 | −2.94% over 7 days; +1.53% over 24 hours |
| ETH | $2,315.20 14 | −0.95% over 7 days; +1.72% over 24 hours |
| Crypto Fear & Greed | 34, Fear 15 | 51, Neutral on October 28 |
| BTC perpetual funding, OKX | 0.00871% per 8 hours 57 | Down from 0.00907%; venue baseline 0.01% |
| BTC perpetual funding, Hyperliquid | 0.0000125 per hour 58 | 0.00125% an hour, 0.03% a day; open interest 39,245.67 BTC |
Float, price and buying power fell together this week, and the Fed held rather than cut.
Funding is the one line that did not move much. OKX's eight-hour BTC rate eased to 0.00871% from 0.00907%, still under that venue's 0.01% neutral line, and Hyperliquid's hourly rate held at 0.0000125 5758.
Open interest on Hyperliquid's BTC market fell to 39,245.67 BTC from 42,932.00. Traders trimmed positions into a falling week rather than paying more to hold them.
That is a different shape from the last four weeks. In each of them the float shrank while funding stayed positive and leverage did not come off. This week leverage came off, dollars left the venues, and $4.0B of USDT was destroyed at the source.
What the snapshot establishes
- The Big-3 contracted $4,149.9M to $253.646B, a fourth straight weekly decline and the largest of the four. USDT fell $3,650.7M, USDC $491.3M and DAI $8.0M 1.
- Two Tether burns on November 2 removed more USDT than the asset lost all week. $4,000.0M burned against a $3,650.7M decline, the first Tether Treasury burn since August 21 23.
- USDT's decline is one chain's. Ethereum lost $3,367.3M, 92% of the asset's fall, and Tron gained $317.6M in the opposite direction 18.
- USDC fell while Circle minted $4,107.0M and burned $202.6M. Solana gained $233.3M for the first time in at least three weeks and Arc $168.4M to $1.178B, and Ethereum lost $691.1M 19.
- Wrapped float held while the float fell. Bridge-received supply dropped $47.6M to $16.936B, taking its share of the Big-3 up to 6.68% from 6.59% 18.
- Tracked exchange balances fell $6,529.7M, nine tenths of it at Binance in three one-day steps. Both USDT and USDC left; the last day returned $1,929.0M to the all-venue total 43.
- Float, price and sentiment fell together while leverage came off. Bitcoin lost 2.94%, Ether 0.95% and Fear & Greed fell to 34 from 51; funding was flat and Hyperliquid BTC open interest fell to 39,245.67 BTC 58.
Three dimensions sit outside what this snapshot can establish:
- Bridge route flows. Pair-by-pair USDT, USDC and DAI netflows across bridges found no free public series this report could verify. DeFiLlama's bridge endpoints answer with a paid-plan prompt, and every public alternative reached so far reports one protocol's own traffic, caps its history at minutes of records, or accepts no date range. The bridge-received stock by chain above is what the available data supports.
- Exchange coverage. Coinbase and Kraken sit outside the tracked wallet sets, so any market-wide total for exchange-held stablecoin balances would rest on an incomplete venue list. Whether Binance's three-step fall is withdrawal or a re-cut address list is also unresolved, and this report says both rather than choosing.
- Gross issuance and redemption. Public ledgers of USDC and USDT issuance are partial, so observed mint and burn events are reported beside the net supply change rather than netted into it. USDT closes to $349.3M this week, the closest this report has come. USDC does not: $3,904.4M of net flagged issuance against a $491.3M decline leaves most of the week's redemptions unobserved.
Method note: supply figures come from DeFiLlama's asset and chain snapshots taken at 2026-11-04 08:00 (UTC−05:00).
Other chains is the residual of DeFiLlama's full chain list after the named chains in each table, with the count of chains it covers in brackets. Week-over-week figures come from one same-moment pull, so they can differ from a difference against the levels printed in an earlier issue; DeFiLlama restated last week's Big-3 level upward by $674M, and that gap is stated above. Bridge-received figures sum each asset's per-chain bridgedTo field, excluding chains whose series stopped updating and any chain without a data point within a day of the seven-day-old date; that excluded 27 USDT, 30 USDC and 13 DAI chains, and those figures come from that series' own daily snapshot at 00:00 UTC while the chain tables come from the summary endpoint's later snapshot. Exchange balances average each venue's daily readings across the two weeks using wallet sets the venue or its proof-of-reserve disclosures publish, with the comparison weeks running October 29 to November 4 and October 22 to October 28; the steady subset is fixed on a screen taken over October 15 to 28, a venue qualifying when it holds at least $1M of the three assets and its daily readings stay within 5% of their level across those 14 days, with Volatile above 15% coefficient of variation and Mixed between. Issuer and wallet events come from Whale Alert's public alerts and are treated as inventory or routing evidence. Market figures and perpetual funding use the linked public APIs; Hyperliquid reports its funding rate per hour and DeFiLlama's exchange tracker carries no wallet set for Coinbase or Kraken. All times are UTC−05:00.For informational use only; this report offers no investment advice.
References
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stablecoins.llama.fi
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- 58Hyperliquid perpetual market data
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