Tether's USDT Supply Shrinks by $6.6 Billion in 60 Days, the Fastest Drop on Record

The supply of USDT, the largest stablecoin, fell by $6.6 billion in the 60 days to November 7, analytics firm CryptoQuant reported on November 10. It is the fastest 60-day decline since CryptoQuant's data series began in 2022.

Why it matters

Stablecoins are the cash of the crypto market. Many people move dollars into USDT first and then use it to buy bitcoin or other coins.

When USDT supply grows, new money is arriving. When it shrinks, money is leaving. CryptoQuant said stablecoin growth had powered every rally in this cycle, and that this fuel is now running out.

For holders, this means there is less fresh buying power to support prices right now.

How USDT supply works

Tether, the company behind USDT, creates new tokens when customers send it dollars. It destroys tokens when customers cash out. So the number of USDT in circulation works like a rough gauge of how many dollars are parked in crypto and ready to spend.

How big is this drop

The current fall is more than twice the size of the decline in December 2022, when investors pulled money out after the collapse of the FTX exchange. Back then, USDT supply fell by about $3.2 billion over 60 days.

The drop comes as bitcoin trades near $74,000, down from about $126,000 at its October 2025 peak. Spot bitcoin ETFs have also seen steady outflows since late October.

You can follow the total of all major stablecoins on our stablecoin supply page, which updates daily.