Tether loses $4.6 billion in USDT supply across exchanges as USDC and RLUSD gain liquidity in Q3

Tether's USDT supply fell by $4.6 billion across 19 exchanges and lenders in Q3 2024, while competing stablecoins grew. Circle's USDC added $569 million and Ripple's RLUSD added $493 million to the same institutions. Bybit shed $1.66 billion in USDT and added $315 million of RLUSD; Binance reduced USDT by $987 million and acquired $223 million of USDC; OKX cut $899 million in USDT and added $273 million of USDC. USDT's circulating supply fell 0.4% to $184 billion, while RLUSD rose 59% to $2.5 billion and USDC gained $687 million.