Total stablecoin supply has fallen to $298.5 billion, the lowest level since August, after declining $3.1 billion since October 28 and dropping $5.2 billion from its January 1, 2026 starting point. The contraction erases all gains made during 2025's surge of approximately $100 billion, which had pushed supply from $203.2 billion to $303.7 billion. The decline is driven primarily by the two largest issuers: Tether's USDT supply fell $5.3 billion year-to-date, while Circle's USDC dropped $4 billion. Smaller stablecoins collectively added $7.2 billion over the same period, steadily gaining market share even as total supply stagnated. The year's peak of $315.5 billion was recorded on May 17. The stall coincides with a 7% decline in Bitcoin's price over the same period and the official introduction of implementing rules for the GENIUS Act in October — the first U.S. regulatory framework specifically governing stablecoins.