Tether market cap decreased about 3.6% over 60 days... price remains around $1

Tether's USDT market capitalization fell by roughly $6.6–6.8 billion over the past 60 days to about $177 billion as of the 7th–8th, a contraction in circulating supply rather than a price move, with the token holding near $1. The decline accelerated from late October, including a $3.1 billion weekly supply drop in the week ended the 7th—its largest weekly contraction of 2026—while total stablecoin supply also shrank over the past month. Crypto Briefing noted the pace of shrinkage exceeds the drawdown seen after FTX's collapse. The stablecoin's price stability despite the supply decline matters because it signals redemptions or rotation out of USDT rather than a loss of peg confidence. Watch whether weekly supply declines persist and whether funds are rotating into rival stablecoins or leaving crypto markets entirely.