Tether's USDT has shed roughly $6.6 billion in market cap over the past 60 days, a pace that exceeds the contraction that followed the FTX collapse. The world's largest stablecoin now sits at about $177 billion as of November 7-8, 2026.
How fast the money is leaving
Research puts the 60-day drop at approximately $6.6 billion to $6.8 billion, with most of the decline arriving late in the period.
USDT supply fell sharply in late October. In the week ending November 7, the token's supply declined by $3.1 billion, the biggest weekly reduction of 2026.
Tether wasn't alone. Total stablecoin supply across the market dropped $6.66 billion that same week, the steepest decline of the year.
Zoom out and the picture gets broader. The 30-day decline in stablecoin supply reached about $15 billion by early November, and the overall stablecoin market cap is down roughly $21 billion since its May 2026 peak.
DefiLlama reported the broader slide, described as a $7 billion downturn in market liquidity, and Tether's own attestation data backs it up.
The peg held, and that matters
On November 8, USDT traded at roughly $0.9989 and rival USDC at about $0.99945. Neither broke its dollar peg during the redemptions.
The outflows were processed at stable value without signs of panic selling, pointing to a controlled withdrawal pattern rather than a crisis-driven scramble for the exits.
Tether's balance sheet also offers some reassurance. Its Q3 2026 attestation, dated September 30, showed $191.5 billion in assets against $183.5 billion in liabilities.
That leaves a reserve buffer of $7.95 billion. Treasury bills made up a large share of the backing, at $132.4 billion.
The cushion is also larger than the $6.6 billion that has walked out the door over the past two months.
What this means for traders and the market
Watch the weekly supply figures closely. The $3.1 billion USDT drop and the $6.66 billion decline in total stablecoin supply in the week to November 7 were both 2026 records.
The peg is the other key indicator. As long as USDT trades near $0.9989 and redemptions settle at stable value, the story stays about liquidity, not solvency.
Tether's reserve buffer offers a degree of protection against shocks. The $7.95 billion cushion reported at the end of Q3 is a figure the market will likely revisit when the next attestation lands.
