Stablecoin liquidity has tightened, with Tether's USDT market capitalization falling $6.6 billion in the 60 days ending November 7, the largest decline since CryptoQuant began tracking the measure in 2022 and more than double the $3.2 billion contraction after FTX's collapse. Total stablecoin value is now about $290 billion, while Bitcoin demand fell by roughly 284,000 BTC over 30 days. A separate Glassnode snapshot reported a $14.2 billion 30-day decline in aggregate stablecoin supply, including nearly $11 billion from USDT and USDC, taking the total below $280 billion in that measurement. Project Faro, backed by 21 financial firms including Goldman Sachs, Citi, Santander and Deutsche Bank, has raised $270 million to fund five years of operations and plans a dollar-backed stablecoin in the first half of 2027, followed by a euro-backed product.