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USDT drives 63% of stablecoin supply drop as bank reserves rise $67.6B
DefiLlama data show that USDT accounted for 63.37% of a 5.8 billion‑unit decline in dollar‑pegged stablecoin circulation between Oct. 28 and Nov. 4. During the same period, the Federal Reserve reported that banks’ reserve balances increased by $67.6 billion. USDC circulation fell by 383 million units (6.64%) and other tracked tokens dropped a net 1.73 billion units. Bitcoin’s price closed at $75,969.06 on Nov. 5, down 5.54% from the previous day. The contrasting trends highlight a contraction in stablecoin supply despite higher bank reserves.