Tether’s USDT market capitalization contracted by approximately $6.6 billion over 60 days, a decline CryptoQuant said exceeded twice the comparable contraction in December 2022 after FTX’s collapse. The reduction was reported at about $6.8 billion by November 7-8, while DefiLlama measured USDT at approximately $176.23 billion on November 10. USDT still represented about 60.81% of the tracked stablecoin market. The broader market also weakened: total stablecoin capitalization stood at $289.81 billion, down 4.57% over 30 days and 1.62% over seven days, while USDC fell 3.76% to about $70.38 billion. Gains in Ripple’s RLUSD and Ethena’s USDe did not offset declines among the largest stablecoins. Stablecoin supply can indicate potential crypto-market liquidity, but it does not directly measure Bitcoin purchases or prove a loss of reserves or the dollar peg. Tether’s October 30 disclosure covered reserves and liabilities as of September 30, making it a separate and earlier measure from DefiLlama’s November supply reading.