USDT Supply Shrinks as Stablecoin Market Cools
Tether’s supply fell by $6.6 billion over 60 days as the wider stablecoin market also contracted, according to Blockonomi citing CryptoQuant.
Tether’s supply fell by $6.6 billion over 60 days as the wider stablecoin market also contracted, according to Blockonomi citing CryptoQuant. Tether (USDT) is trading at ₹93.86 ($0.9993). This is an original Token Times brief based on reporting by Blockonomi, with live market data added, as of Tue, 10 Nov 2026 16:45:01 UTC.
The decline shows that reduced stablecoin supply was not isolated to Tether, while USDT still accounts for roughly three-fifths of the market. Continued contraction in the supply figures would indicate whether broader stablecoin liquidity is still easing.
- USDT supply contracted by $6.6 billion over 60 days.
- CryptoQuant says the decline exceeded twice the comparable post-FTX drop.
- The stablecoin market fell 4.57% over 30 days.
- USDT remains dominant despite its contracting supply.
- TRON Surpasses Ethereum in USDT Supply Amid Stablecoin Market Growth
- RLUSD Supply Rises as USDT and USDC Contract
- USDT Supply Shrinks as Stablecoin Market Cools — this brief
Blockonomi, citing CryptoQuant, reported that 
Tether’s market capitalization contracted by $6.6 billion over 60 days. CryptoQuant said this decline was more than twice the comparable reduction recorded in December 2022 following the collapse of FTX, placing the latest contraction within the context of a previous major industry shock.
The report also pointed to broader weakness in stablecoin supply. DefiLlama recorded a $289.81 billion stablecoin market on November 10, representing a 4.57% decline over 30 days. Despite its shrinking supply, USDT retained approximately 60.81% of total stablecoin market capitalization, according to the figures cited by Blockonomi.
Live DeFiLlama data showed circulating supplies of $176.22 billion for USDT and $70.18 billion for 
USDC. These independently reported supply figures support the report’s description of a contraction while also showing that Tether remains substantially larger than the other stablecoin included in the dataset. The coverage comes from a single outlet, so no additional outlet independently corroborates the $6.6 billion estimate.
Market conditions were broadly weak: total crypto market capitalization stood at $2.5 trillion, 
Bitcoin was down 2.81% over 24 hours, and the Fear & Greed index registered 32, or Fear. Tether traded at $0.999262, unchanged over 24 hours and up 0.05% over seven days; USDC was at $0.999606, also unchanged over 24 hours and up 0.02% over seven days. Whether USDT supply and the aggregate stablecoin market continue to contract is the key measure to watch.
Since this brief published about 55 minutes ago, Tether (USDT) has moved from ₹93.86$0.9993 to ₹93.86$0.9993 — +0.00%.
The chart plots USDT's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution; intraday detail builds over the first day). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 USDT ≈ ₹99.43 (about $0.9993), up 0.0% over 24 hours. The rupee itself trades about 5.9% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 10, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
USDT Supply Shrinks as Stablecoin Market Cools — questions & answers
How much did USDT supply contract?
CryptoQuant, as cited by Blockonomi, reported a $6.6 billion contraction over 60 days. Live DeFiLlama data showed USDT circulating supply at $176.22 billion.
Was the contraction limited to Tether?
No. Blockonomi cited DefiLlama data showing the overall stablecoin market fell 4.57% over 30 days to $289.81 billion on November 10.
How much of the stablecoin market does USDT hold?
USDT represented approximately 60.81% of stablecoin market capitalization, according to Blockonomi’s cited figures, despite its declining supply.
How much is 1 Tether worth in rupee today?
About ₹99.43 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $0.9993. The rupee price moves with both USDT's US-dollar price and the USDT/INR rate; use our Tether in rupee page for any amount.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from Blockonomi. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.