USDC supply shrinks by $4.08 billion: what matters for holders now

The second-largest dollar token in crypto has shrunk by $4.08 billion over the past 30 days. That is how much USDC holders returned to the issuer without an equal amount of new tokens being minted. No other stablecoin lost as much supply over the same period. This is not a price move. A stablecoin pegged to the dollar still trades at a dollar; USDC stood at $0.9994 on October 27, 2026. What has changed is the number of tokens that exist at all.