Tether USD (USDT) Balances Fall $4.6 Billion at 19 Exchanges and Lenders

Tether USD (USDT) balances at 19 selected exchanges and lenders fell a combined $4.6 billion from early July to Oct. 1, showing growing competition for trading deposits even as USDT retained its lead. The institutions increased their holdings of other stablecoins by about $1.9 billion over the same period, including USD Coin (USDC) and Ripple USD (RLUSD). Those figures measure balances at a selected group of firms; they do not establish that every dollar of departing USDT was exchanged for another stablecoin. Bybit recorded the group's largest USDT decline, at $1.66 billion, while its RLUSD balance grew $315 million. Binance held $987 million less USDT and $223 million more USDC. At OKX, USDT holdings fell $899 million as USDC holdings rose $273 million.

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