A November 11 report from The Block put the recent contraction in the stablecoin market into sharper focus. Citing CryptoQuant, the publication said USDT market capitalization had fallen by USD 6.6 billion over the 60 days through November 7. It also reported that the supply of major stablecoins had declined by USD 14.2 billion over the preceding 30 days.
Supply contraction raises liquidity questions
The Block said USDT represented roughly 62.8 percent of total stablecoin supply, while USDC accounted for 25.1 percent. A shrinking stablecoin supply can indicate that holders are redeeming tokens for dollars and withdrawing liquidity from crypto markets, according to the report's discussion of Glassnode's analysis. That is a market-liquidity observation, not a direct forecast for the token's dollar peg.
The same report noted that the combined supply of major stablecoins had fallen to just below USD 280 billion. Glassnode described renewed stablecoin supply growth as a possible sign that fresh capital was returning to the market. These figures concern the broader stablecoin ecosystem and should not be confused with a trading loss on an individual USDT position.
USDT remains close to its dollar target
The latest quote for Tether USDt was USD 1.00 on November 15, 2026, at 13:05 Berlin time. The quote was recorded in USDT/USD and showed the market as open. Because the token is designed to track the US dollar, small intraday deviations are primarily relevant as indicators of market functioning and redemption liquidity rather than as a conventional growth thesis.
Tether describes its tokens as pegged one-to-one to matching fiat currencies and backed by reserves on its official website. The company also says that its tokens operate across multiple blockchain networks. For investors, the practical issues remain the quality and liquidity of reserves, the ability to redeem tokens, and the operational conditions on the networks and platforms used for transfers.
Russia sets November 17 start date
Separately, the Bank of Russia said on November 6 that USDT had been included in the list of cryptocurrencies available to non-qualified investors. The ordinance takes effect on November 17. Purchases through a single intermediary are capped at 300,000 rubles per year, while qualified investors face no such restriction under the announcement. All investors must pass a test and review the relevant risks before trading.
That regulatory timetable may broaden formal access to USDT in Russia, but it does not change the token's structure or guarantee a particular level of demand. Investors should therefore distinguish between market access, stablecoin liquidity and the continuing ability to maintain the dollar target.
More coverage: Tether USDt topic page
