Stablecoin supply falls $14.2B, largest contraction since 2022

The scale of this contraction matters less than where it landed: the two dominant dollar stablecoins shed supply while gold-backed tokens held flat, pointing to a shift in what holders want their on-chain cash to be, not simply a retreat from tokenized assets. A shrinking stablecoin base typically signals deleveraging and thinner trading liquidity across crypto markets. The open question is whether gold-backed tokens keep holding their ground if the drawdown continues, which would suggest a durable preference shift rather than a temporary hedge.