Tether’s USDT supply fell $4.6 billion across 19 selected cryptocurrency exchanges and lenders in the third quarter of 2026, according to Crystal Intelligence. Those institutions added about $1.9 billion in rival stablecoins. The selected institutions do not represent the whole market: USDT’s circulating supply fell $647 million, or 0.4%, to about $184 billion across the wider market.
The shift in trading balances did not extend to payments. Allium estimated that USDT accounted for 84% of $482 billion in classified stablecoin payments from January through September 2026.
