Tether USDT Sees Largest Decline Since 2022 Bear Market, Possibly Influenced by European MiCA Regulation

Tether (USDT), the leading stablecoin, experienced a significant reduction in its market capitalization (circulation and supply) in February 2026, decreasing by about $1.5 billion (approximately 230 billion yen) from the previous month, according to data from Bloomberg and Coingecko. This indicator, which reflects the direction of liquidity, has attracted considerable attention. This reduction is the largest monthly decrease since the market turmoil following the collapse of the cryptocurrency exchange FTX at the end of 2022, signaling potential changes in the long-standing dominance of USDT. Related: Stablecoin liquidity is concentrating on Binance, holding 7.2 trillion yen and dominating the CEX market...