Update
Major Cryptocurrency Exchanges Shift USDT Balances to Rival Stablecoins
Major cryptocurrency exchanges and lenders have shifted USDT balances to rival stablecoins such as USDC and Ripple's RLUSD. USDT lost $4.6 billion in USDT supply across 19 selected exchanges and lenders during the third quarter, while USDC and RLUSD gained approximately $1.9 billion. Bybit, Binance, and OKX are among the exchanges that reduced their USDT holdings and increased their USDC and RLUSD holdings. The shift reflects growing competition for cryptocurrency trading balances, with issuers and their distribution partners offering financial incentives to exchanges and customers who hold their tokens.