Tether sheds $4.6 billion on exchanges as USDC and RLUSD pay for liquidity
- —USDT fell $4.6 billion on 19 venues; rivals added $1.9 billion
- —Bybit shed $1.66 billion of USDT, Binance $987 million, OKX $899 million
- —RLUSD rose 59% to $2.5 billion; USDC gained $687 million
- —USDT still handles 84% of $482 billion in stablecoin payments
Why it matters: Exchanges are monetizing customer balances through rewards deals, and for the first time this is visibly shifting liquidity from USDT to rivals.
Source: CryptoSlate