Stablecoin market value was about $290 billion on Nov. 12 as Tether USDt (USDT) lost $6.6 billion over 60 days, a pullback in dollar-denominated tokens used for crypto trading.
The Nov. 12 total describes the market on one day, while the USDt decline covers 60 days through Nov. 7. Traders use dollar-denominated stablecoins to buy digital assets or open trading positions.
The contraction was the biggest in a tracking record that began in 2022. Its size was more than double the $3.2 billion drop associated with the period after FTX collapsed.
Bitcoin (BTC) demand fell by roughly 284,000 BTC during a separate 30-day interval that overlapped the wider period. The timing overlap does not establish that either change caused the other.
EconoTimes previously covered a broader monthly decline in stablecoin capitalization.
