USDT shrank $2.69 billion in 8 days, but Tether's Ethereum treasury still holds $4.65 billion
Etherscan shows 4.65 billion USDT parked in the wallet it labels Tether: Treasury, which kept sending tokens out through November 12. CoinGecko counts $5.47 billion of USDT as not circulating.
Key points
- USDT's market value on CoinGecko fell from $178.26 billion to $175.57 billion between November 5 and November 13, a drop of $2.69 billion.
- The wallet Etherscan labels Tether: Treasury held 4,653,973,757 USDT early on November 13.
- Etherscan lists 20 USDT transfers out of that wallet from November 5 to November 12, the last at 8:23 p.m. ET.
- CoinGecko puts USDT's total supply at $181.18 billion and circulating supply at $175.72 billion, a $5.47 billion gap.
What moved
USDT is Tether's dollar token, the largest stablecoin. Its supply grows when buyers send Tether dollars and shrinks when holders redeem, so it is a rough gauge of cash entering or leaving crypto.
CoinGecko data put USDT's market value at $175.57 billion at 12:45 a.m. ET on November 13, 2026. That is $226 million less than 48 hours earlier and $2.69 billion less than on November 5. Bitcoin fell 9.6% over the same week.
The decline was not even. The largest one-day step in CoinGecko's hourly series came between 1 a.m. ET on November 10 and the same time on November 11, when USDT's market value fell about $1.07 billion. The first day of the period, November 5 to 6, took off about $690 million. The token itself held its peg, priced at $0.9993 on CoinGecko early on November 13.
USDT market value on CoinGecko
US$ billion
Source: CoinGecko market chart data, read November 13, 2026, 12:45 a.m. ET
The treasury wallet
Tether keeps a stock of tokens in a wallet that Etherscan labels Tether: Treasury. At 12:40 a.m. ET on November 13 it held 4,653,973,757 USDT.
CoinGecko lists USDT's total supply at $181.18 billion but only $175.72 billion as circulating. The $5.47 billion gap is tokens it does not count as in users' hands, and the Ethereum treasury wallet alone holds about 85% of that amount.
Tokens still going out
Even as the total shrank, the treasury kept sending. Etherscan lists 20 USDT transfers out of the wallet between 12:21 p.m. ET on November 5 and 8:23 p.m. ET on November 12. On November 6 it also made two transfers to USDT0's bridge contract, which moves USDT to other chains. Three transfers came in on November 9 and 10, from two unlabeled wallets.
Etherscan's transaction list does not show the amounts or final receivers of these transfers, so we do not report them. Who received the tokens is unknown from this data.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the steady outgoing transfers mean Tether is still filling orders while redemptions outpace them, which is why the total keeps falling.
- A $4.65 billion stock on Ethereum lets Tether hand out tokens quickly if demand returns, so the supply could turn up fast.
- The falling total fits the wider picture of cash leaving crypto during the price drop.
What's next
- USDT market value against $175.57 billion
- The Tether: Treasury balance on Etherscan against 4.65 billion USDT
- Further transfers to the USDT0 bridge
- Bitcoin against $68,521
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
