Billions in dollar-pegged tokens are quietly leaving crypto, yet Ethereum has barely flinched. Two earlier supply drains ended very differently for ETH, and the gap between them holds a warning for anyone assuming this calm will last.
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Stablecoin supply fell by about $5 billion at the end of this week. According to Sentora’s weekly tracker, supply declined every day of that week. DefiLlama puts the total at $293.25 billion, down from $298.24 billion the previous week and $293.86 billion a day earlier. That’s a weekly decrease of $4.99 billion, or 1.7%.
Sentora reported a bigger drop of $6.02…
