Market StructureAdoption$6.6B
CryptoQuant Says USDT Market Cap Fell $6.6 Billion in 60 Days, Shrinking Faster Than After FTX
CryptoQuant data indicates that Tether's USDT market cap contracted by $6.6 billion over a 60-day period, marking a faster contraction rate than observed immediately following the FTX collapse.
So what
A rapid contraction in USDT liquidity directly reduces the pool of primary settlement assets available across crypto-native trading venues and decentralized finance protocols. This outflow signals institutional risk-off behavior and de-risking, potentially constraining on-chain market depth and downwardly pressuring short-term yield demand for tokenized credit.