USDT’s market capitalization dropped by nearly $1 billion over five days in mid-October 2026, according to CryptoQuant. USDT balances held across 19 major exchanges and lending platforms fell by $4.6 billion between early July and October 2026, as traders rotated into competing stablecoins like USDC and RLUSD. Bybit recorded the largest net USDT outflow in the dataset with $1.66 billion leaving while adding $315 million in RLUSD. Total USDT supply now stands around $183 billion, down from approximately $184 billion in September, raising questions about Bitcoin’s ability to sustain its momentum without fresh stablecoin liquidity entering the market.
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