Tether loses $6.6B in 60 days, fastest bleed since the FTX fallout

USDT's market cap has shrunk by about $6.6 billion over 60 days, a pace that outruns the contraction that followed the FTX collapse. The world's biggest stablecoin was worth roughly $177 billion as of November 7-8, 2026. Research cited on the decline puts the 60-day drop somewhere between $6.6 billion and $6.8 billion.

Most of the damage landed late. In the week ending November 7, USDT supply fell by $3.1 billion — the largest weekly reduction of 2026. Tether wasn't alone in the squeeze: total stablecoin supply across the market dropped $6.66 billion that same week, the steepest decline of the year.

Zoom out and the slide widens. The 30-day drop in stablecoin supply hit about $15 billion by early November, and the overall stablecoin market cap is down roughly $21 billion from its May 2026 peak. DefiLlama reported the broader slump, describing a $7 billion downturn in market liquidity.

The pegs never cracked. On November 8, USDT traded near $0.9989 and rival USDC around $0.99945. Redemptions were processed at stable value with no signs of panic selling — a controlled withdrawal pattern rather than a scramble for the exits.

Tether's balance sheet offers some cover. Its Q3 2026 attestation, dated September 30, showed $191.5 billion in assets against $183.5 billion in liabilities, leaving a reserve buffer of $7.95 billion. Treasury bills made up $132.4 billion of the backing — a cushion bigger than the $6.6 billion that walked out the door in two months, and a number the market will revisit when the next attestation lands.