---
title: "Tether (USDT) Price Shadowed by Record $6.6B Supply Drop, Twice the FTX Decline"
url: https://thecoingazette.com/tether-usdt-price-shadowed-by-record-6-6b-supply-drop-twice-the-ftx-decline/
date: 2026-11-12
modified: 2026-11-12
lang: en
author: "Coin Gazette Editorial"
description: "TLDR Tether (USDT) market cap fell $6.6 billion in the 60 days ending November 7, according to CryptoQuant. This is the largest drop since CryptoQuant began tracking the metric in 2022, more than double the $3.2 billion FTX-era decline. Total stablecoin value now stands at about $290 billion. Bitcoin (BTC) demand fell by roughly 284,000 [...] The post Tether (USDT) Price Shadowed by Record $6.6B Supply Drop, Twice the FTX Decline appeared first on Blockonomi."
categories:
  - "Crypto News"
tags:
  - "crypto"
  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
  - "News"
image: https://i0.wp.com/blockonomi.com/wp-content/uploads/2026/11/Screenshot-2026-11-12-at-11-16-14-Tether-Price-USDT_USD-Live-Price-Chart-Market-Cap-News-Today-CoinGecko.png?w=1400&fit=1400,960&ssl=1
word_count: 553
---

# Tether (USDT) Price Shadowed by Record $6.6B Supply Drop, Twice the FTX Decline

TLDR

Tether (USDT) market cap fell $6.6 billion in the 60 days ending November 7, according to CryptoQuant.
This is the largest drop since CryptoQuant began tracking the metric in 2022, more than double the $3.2 billion FTX-era decline.
Total stablecoin value now stands at about $290 billion.
Bitcoin (BTC) demand fell by roughly 284,000 BTC over 30 days.
Project Faro raised $270 million from 21 financial firms and plans a dollar-backed stablecoin in the first half of 2027.

Tether (USDT) has recorded its largest supply drop on record over the past two months. Data from CryptoQuant shows the stablecoin’s market cap fell by $6.6 billion in the 60 days ending November 7.
USDT is built to trade at $1, so its price chart rarely shows much change. For a stablecoin, the real movement shows up in the number of tokens in circulation.
CryptoQuant began tracking this metric in 2022. The latest drop is more than double the $3.2 billion decline that followed the collapse of the FTX exchange.
The data suggests investors are pulling money out of stablecoins altogether. They are not keeping the tokens on hand to buy other crypto assets later.
Stablecoin Supply Falls to $290 Billion
The total value of all stablecoins now sits at about $290 billion. Traders often use stablecoins as the dollars they spend to buy crypto or open new positions.
With fewer of these dollars in the market, there is less cash waiting on the sidelines. That leaves fewer funds available to back new purchases or support a recovery in prices.
The drop in USDT supply came as demand for Bitcoin (BTC) also cooled. Bitcoin demand fell by roughly 284,000 BTC over a 30-day period.
If new money does not flow back into stablecoins, buyers may have trouble keeping a rally going. Both trends appeared during the same stretch of weeks.
Tether Price On CoinGecko
Banks Commit $270 Million to Project Faro
While Tether’s supply shrinks, a group of large banks is preparing to launch its own stablecoin. The joint venture, called Project Faro, has raised $270 million from 21 major financial firms, according to Bloomberg.
Backers include Goldman Sachs, Citi, Santander and Deutsche Bank. The money is meant to cover the project’s operating costs over five years.
Project Faro plans to release a dollar-backed stablecoin in the first half of 2027. A euro-backed stablecoin is expected to follow after that.
The project is focused on cross-border payments. Its goal is to let companies send dollar-backed tokens between countries without waiting for normal bank settlement times.
Multinational firms that work in several markets could see faster payments and quicker access to their funds. The project’s success will depend on whether businesses use these payment tools on a regular basis.
The new venture will face well-established players. Tether and Circle, the issuer of USDC, together control about 85% of all stablecoin supply.
That large share makes adoption and liquidity the main hurdles for any new entrant. Project Faro has not yet released a token to the public.
For now, the banks have five years of funding in place. Their dollar stablecoin is scheduled for the first half of 2027, with a euro version planned to come later.
The post Tether (USDT) Price Shadowed by Record $6.6B Supply Drop, Twice the FTX Decline appeared first on Blockonomi.