USDT Supply Falls as the Stablecoin Market Contracts
Tether’s supply declined sharply over 60 days, with CryptoQuant reporting a larger contraction than the post-FTX market saw in December 2022.
Tether’s supply declined sharply over 60 days, with CryptoQuant reporting a larger contraction than the post-FTX market saw in December 2022. Tether (USDT) is trading at $0.9993. This is an original TLT brief based on reporting by Blockonomi, with live market data added, as of Tue, 10 Nov 2026 16:30:05 UTC.
A shrinking USDT supply indicates reduced stablecoin liquidity, while Tether’s roughly 61% market share means the contraction is concentrated in the asset that dominates the broader stablecoin market.
- USDT market capitalization fell $6.6 billion over 60 days
- The decline reportedly exceeded twice December 2022’s post-FTX contraction
- Tether retained about 60.81% of stablecoin market capitalization
- Bitcoin fell 2.81% over 24 hours amid broad market weakness
- TRON Surpasses Ethereum in USDT Supply Amid Stablecoin Market Growth
- Tether Reveals $3.1B Bitcoin Holdings Amid $178B USDT Supply
- USDC Supply Contracts as Redemptions Exceed New Issuance
- USDT Supply Falls as the Stablecoin Market Contracts — this brief
Blockonomi, citing CryptoQuant, reported that USDT’s market capitalization contracted by $6.6 billion over a 60-day period. The research firm said this decline was more than twice the comparable contraction recorded in December 2022 following FTX’s collapse, placing the latest reduction in the context of an earlier major stablecoin market contraction. The wider market data points in the same direction. DefiLlama recorded total stablecoin capitalization of $289.81 billion on November 10, a 4.57% decline over 30 days. Despite its falling supply, USDT still represented approximately 60.81% of the stablecoin market.
Live aggregator data show USDT circulating supply at $176.22 billion, compared with 
USDC at $70.18 billion. Blockonomi was the only outlet supplying coverage of the contraction, so the $6.6 billion figure and the comparison with December 2022 remain attributable to its report of CryptoQuant’s findings. The live figures corroborate 
Tether’s continued dominance of stablecoin capitalization but do not independently reproduce the reported 60-day decline.
Trading conditions remain subdued. The total crypto market capitalization stands at $2.5 trillion, 
Bitcoin is down 2.81% over 24 hours, and the Fear & Greed index reads 32, corresponding to Fear. USDT trades at $0.999262, unchanged over 24 hours and up 0.05% over seven days; USDC is also nearly unchanged over both periods.
The principal issue to monitor is whether the contraction broadens beyond USDT or stabilizes as stablecoin capitalization continues to fall. Tether’s large market share means changes in its supply can materially shape aggregate stablecoin liquidity, while the current weak sentiment and declining broader market capitalization provide the prevailing market backdrop.
Since this brief published about 41 minutes ago, Tether (USDT) has moved from $0.9993 to $0.9993 — -0.00%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution; intraday detail builds over the first day). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₦1,383.25 (about $0.9993), up 0.0% over 24 hours. The naira itself trades about 2.6% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 10, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
USDT Supply Falls as the Stablecoin Market Contracts — questions & answers
How much did USDT supply decline?
CryptoQuant, as cited by Blockonomi, reported that USDT market capitalization contracted by $6.6 billion over 60 days.
How does that compare with the post-FTX decline?
CryptoQuant said the contraction exceeded twice the comparable decline recorded in December 2022 following FTX’s collapse.
How large is the stablecoin market now?
DefiLlama recorded $289.81 billion in total stablecoin capitalization on November 10, down 4.57% over 30 days. Live data show USDT circulating supply of $176.22 billion.
How much is 1 Tether worth in naira today?
About ₦1,383.25 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.9993. The naira price moves with both USDT's US-dollar price and the USDT/NGN rate; use our Tether in naira page for any amount.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Blockonomi. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.