According to Coinmetrics, the total supply of stablecoins witnessed its sharpest fall in Q2 2022, with stablecoin redemptions spiking as a result of “short-term liquidity and concerns about insolvency that were not present during the panic of 2020." The head of research and development at CoinMetrics, Lucas Nuzzi shared the data on Twitter with a graph showing the total supply of stable coins since January 2020.