The stablecoin supply in the fourth quarter was $3.8 billion, marking the first time in nearly two years that the net supply of the top five market-cap stablecoins turned positive.

TechFlow reports that stablecoin supply grew by $3.8 billion in the fourth quarter of 2023. This marks the first time in nearly two years that the top five stablecoins have recorded positive net issuance.

After six consecutive quarters of negative net supply, the top five stablecoins achieved a positive net issuance of $3.8 billion in Q4. The last time stablecoin supply showed positive growth was in the first quarter of 2022, when issuance exceeded $17 billion.

Stablecoin supply growth is considered a metric for capital inflows into cryptocurrency and an indicator of potential buying pressure.