Tether loses nearly $5 billion across crypto exchanges as USDC and RLUSD rivals pay to win liquidity
Crystal’s selected cohort cut USDT balances in Q3, while Allium assigns it 84% of January–September 2026 classified payment value. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Tether's USDT balances fell by nearly $5 billion across a selected cohort of crypto exchanges in Q3, according to Crystal, while rivals USDC and RLUSD are reportedly spending to win liquidity. Allium data still assigns USDT 84% of classified payment value from January to September 2026, suggesting its dominance in payments persists despite exchange outflows. Traders should watch whether the exchange-level drawdown signals broader rotation into competing stablecoins or just a temporary rebalancing.
