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USDT Market Shakeup: Tether Sees Biggest Monthly Drop Since FTX—Is the King of Stablecoins Losing Its Grip?

2026/02/20 21:02

Deep dive into the reasons behind Tether (USDT) experiencing its largest monthly supply decline since the FTX collapse. Explore how MiCA regulations, transparency concerns, and rising competition impact USDT, and learn the best strategy to buy and hold USDT safely on MEXC.

Key Takeaways

Market Dynamics: USDT recently faced its most significant contraction in circulating supply since the 2022 FTX crisis.

Regulatory Hurdles: The full implementation of the EU’s MiCA regulations is forcing a massive reshuffle in the stablecoin sector.

Reserve Transparency: Despite record profits, credit agencies like S&P Global maintain a cautious outlook due to Tether's high-risk asset backing.

Strategic Move: In a volatile market, choosing a platform like MEXC—which offers 100% Proof of Reserves and the lowest fees—is the smartest way to protect your capital.

The 2026 Tether Cool-off: Why is USDT Supply Shrinking?

Since the collapse of the FTX empire sent shockwaves through the industry in 2022, Tether (USDT) has been the "North Star" of market liquidity. However, recent on-chain data reveals that USDT has just undergone its sharpest monthly decline in supply since that dark period.

This trend has global investors asking: Is the demand for US Dollar-pegged stablecoins fading, or is the competition finally catching up?

Regulatory Pressure and "De-Tethering"

With the Markets in Crypto-Assets (MiCA) regulation fully operational across Europe in 2026, many compliant exchanges have begun delisting or restricting non-regulated stablecoins. While Tether remains a titan in emerging markets, its USDT price dominance is being challenged by the lack of a MiCA-compliant framework. In contrast, USDC has capitalized on this by positioning itself as the "compliant alternative" for institutional capital.

Transparency and Credit Ratings

According to recent reports, Tether's stability rating remains under scrutiny. While the company reported a massive surplus in 2025, the inclusion of Bitcoin, gold, and secured loans in its reserves has led agencies to flag it as "vulnerable" during extreme market stress. For those curious about the underlying mechanics, checking the USDT Tokenomics is essential for risk assessment.

The New Stablecoin Frontier: Who is Challenging USDT?

In the crypto world, liquidity is life. While knowing what is USDT is the first step for any beginner, seasoned traders are now diversifying their "cash" holdings to mitigate de-pegging risks.

The Rise of USDC and Decentralized Alternatives

The year 2026 has proven that the stablecoin market is no longer a monopoly. USDC has expanded its footprint in the DeFi sector, while "yield-bearing" stablecoins like Ethena have siphoned off retail interest. This "zero-sum game" has directly led to the contraction of USDT's market share on centralized exchanges.

Shifts in Investor Sentiment

Historically, when Bitcoin faces volatility, investors run to USDT. However, data shows a shift toward RWA (Real World Asset) tokens backed by US Treasuries. This means USDT is no longer the only safe harbor, and users are demanding higher levels of audit transparency and security.

Sign up on MEXC to win up to 10,000 USDT bonus

Why Buy and Hold USDT on MEXC During Market Shifts?

During periods of uncertainty, your choice of exchange is just as important as your choice of asset. MEXC stands out as the premier destination for buying and holding USDT due to its robust infrastructure and user-centric policies.

The Industry’s Lowest Fees

Trading on MEXC is synonymous with efficiency. With zero-fee trading options, you can swap assets without losing a percentage of your capital to middleman costs. Whether you are a day trader or a long-term holder, MEXC maximizes your ROI.

Unmatched Liquidity and Depth

Even during the "biggest monthly decline," MEXC maintains deep order books. If you are looking to enter the market at the best USDT price today, MEXC’s matching engine ensures minimal slippage and instant execution.

100% Proof of Reserves

Security is non-negotiable. MEXC provides a 100% Proof of Reserves (PoR), ensuring that every USDT on the platform is backed 1:1. Coupled with the industry's lowest withdrawal fees, your assets remain liquid and accessible.

Fastest Listing Speed for High-Growth Assets

Beyond stablecoins, MEXC is the gateway to the next big moonshot. If you are following the XRP price prediction or hunting for low-cap gems, MEXC offers over 3,000 trading pairs—the most in the industry.

Discover more: Why MEXC?

Conclusion: The Future of USDT and Your Portfolio

While Tether is facing its most significant challenge since the FTX era, it remains the backbone of crypto liquidity. For investors, the goal is not to panic, but to reposition. By utilizing a platform that prioritizes transparency, low fees, and high security, you can navigate the stablecoin wars of 2026 with confidence.

FAQ

Q: Is USDT still safe to hold in 2026?

A: USDT remains the most liquid stablecoin globally. However, its safety depends on its reserve backing and regulatory compliance. Using a platform with a 100% Proof of Reserves, like MEXC, adds a layer of security for your holdings.

Q: Why did Tether supply drop so significantly recently?

A: The drop is largely attributed to the implementation of the MiCA regulation in Europe, which favored more "compliant" stablecoins, and a general rotation of capital into RWA-backed assets and Treasury-linked tokens.

Q: How can I buy USDT with the lowest fees?

A: You can buy USDT on MEXC, which offers the lowest trading and withdrawal fees in the market. Additionally, new users can take advantage of zero-fee promotions to maximize their purchasing power.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. The cryptocurrency market involves high risk and significant price volatility. Always conduct your own research (DYOR) before making any investment decisions.

About the Author

This article was prepared by the MEXC Global Analysis Team. Our team consists of industry veterans with years of experience in blockchain research and digital asset management, dedicated to providing objective and deep market insights for users worldwide. Last Updated: February 20, 2026

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