USDT market cap sheds $4 billion in 60 days
The largest stablecoin, Tether, has lost $4 billion in market cap over a 60-day period.
This contraction is one of the heaviest drawdowns on record, with $870 million of USDT supply disappearing in the last 11 days.
The 30-day simple moving average of 60-day USDT market-cap change was minus $4.88 billion as of Aug. 10, indicating a significant decline.
The severity of the drawdown has implications for Bitcoin and the broader market recovery, as stablecoins provide a key source of liquidity.