Stablecoins just had their worst week of 2026 — and the dollars didn't leave through a discount. Total stablecoin supply fell $6.66 billion in the seven days to November 7, to $292.31 billion, per DefiLlama. That's the steepest weekly contraction of the year — and the deepest since the week Terra's UST collapsed in May 2022. Tether and Circle drove two-thirds of it. USDT fell $3.10 billion and USDC $1.31 billion in the week. But neither token broke its peg — USDT traded at $0.99892 and USDC at $0.99945. The money left through redemptions, not a panic discount. The slide has now run ten straight days, starting October 29, and the seven-day change has been negative for 29 straight days. Over 30 days the supply is down $15.03 billion from $307.33 billion. Friday's $292.31 billion is the lowest since September 24, 2025. The catch: this is a liquidity drain, not a stablecoin crisis. In May 2022 the supply fell $27.4 billion — 17.36% of the base — in a run on issuers whose collateral was in question. Last week was 2.28%. Both big issuers are still redeeming at par, and Tether's reserves cover its tokens 108.2%. But the direction still matters. Stablecoins are the cash leg of crypto positions. When that cash leg shrinks $6.7 billion in a week — while US spot Bitcoin ETFs saw $411.9 million in outflows on Friday — the market's sideline money is getting thinner. Watch two numbers this week: a close back above $300 billion would be the first sign the run has stalled. A print below $291.68 billion would be a new 2026 low. BTC sits near $75,990, down about 0.05% on the day.