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EVENT / TOPICHistorical

Tether’s USDT Supply Declines $4.6 B in Q3 as USDC and RLUSD Gain Traction

1 reports1 sources10/19/2026 updated

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AI overview

In the third quarter, Tether’s USDT supply fell by $4.6 billion across 19 selected cryptocurrency exchanges and lenders, while those same institutions added roughly $1.9 billion in competing stablecoins. The largest single drop came from Bybit, which shed $1.66 billion in USDT and added $315 million of Ripple’s RLUSD. Binance reduced its Tether holdings by $987 million and acquired $223 million of Circle’s USDC, and OKX cut $899 million in USDT while adding $273 million of USDC. These movements highlight a shift in liquidity preferences toward USDC and RLUSD, with Tether’s market share contracting as rival stablecoins gain traction. The data underscore a broader trend of stablecoin competition, where institutions are reallocating reserves from Tether to alternatives that offer different risk profiles or regulatory perceptions. While Tether remains the dominant stablecoin by volume, the Q3 figures suggest a measurable erosion of its dominance in favor of USDC and RLUSD.

Written with AI from the reporting · updated 10/19/2026

Latest developmentOct 20, 00:40
Tether loses $4.6 billion in USDT supply across exchanges as USDC and RLUSD gain liquidity in Q3
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  1. 1Unclassified fact stationOct 20, 00:00recorded Oct 20, 00:56single sourcerevised

    Tether loses $4.6 billion USDT supply across 19 exchanges in

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    Evidence & revisions · 1 source records
    Subject：
    Tether
    Action：
    lost USDT supply
    Object：
    across 19 selected cryptocurrency exchanges and lenders
    Occurred (fact side)：
    Oct 20, 00:00
    CryptoSlate ↗Report pageRevision 2 · currently revised
    Published (valid side)：
    Oct 20, 00:40
    First seen (known side)：
    Oct 20, 00:56
    Fact stationSingle source · one-sided claimRevised

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Oct 20
  1. CryptoSlateRelated fact: single sourceSource report revised
    Tether loses $4.6 billion in USDT supply across exchanges as USDC and RLUSD gain liquidity in Q3

    Report first recorded Oct 20, 00:56

    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.

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