Total Supply of Stablecoins Decreased for the First Time during Q2 2022

According to data from CoinMetrics, a crypto analysis company, the total supply of stablecoins decreased for the first time in its history during Q2 2022. Lucas Nuzzi, the head of research and development at CoinMetrics, tweeted that over 10 billion stablecoins have been redeemed directly from the treasuries of major issuers, even with $UST excluded. Tether has seen the most redemptions out of all centralized stablecoin issuers, with a decrease of around 7 billion in total supply of $USDT. In addition, nearly 40% of MakerDAO's $DAI was retired as a result of "the largest liquidation event of its history".