Tether lost $4.6 billion in USDT across 19 exchanges and lenders in the third quarter as competing tokens gained roughly $1.9 billion. Bybit recorded the largest reduction with $1.66 billion in USDT shed and $315 million in RLUSD acquired, followed by Binance at $987 million and OKX at $899 million. Circle spent $819 million, representing 59% of its revenue, on distributing USDC in the first half of 2026. Despite this offensive, USDT retains 84% of the stablecoin payments market, estimated at $482 billion over the first nine months of 2026.
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