Tether loses nearly $5 billion across crypto exchanges as USDC and RLUSD rivals pay to win liquidity

Tether lost $4.6 billion in USDT supply across 19 selected cryptocurrency exchanges and lenders during the third quarter as rival stablecoins gained ground. During the same period, the 19 institutions added approximately $1.9 billion in competing tokens, including $569 million of Circle's USDC and $493 million of Ripple's RLUSD. According to the Crystal Intelligence report , Bybit recorded the largest reduction, shedding $1.66 billion in USDT while adding $315 million of RLUSD. Binance reduced its Tether holdings by $987 million and acquired $223 million of USDC, while OKX cut $899 million in USDT and added $273 million of USDC. Across the wider market, USDT's circulating supply fell $647 million, or 0.4%, to about $184 billion during the quarter. Meanwhile, RLUSD rose 59% to $2.5 billion, while USDC gained $687 million.

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