According to CryptoSlate, in Q3 2026, 19 crypto exchanges and lending institutions collectively reduced their USDT holdings by approximately $4.6 billion, while increasing their holdings of other stablecoins by around $1.9 billion during the same period. Among these, USDC and RLUSD saw increases of $569 million and $493 million respectively. Bybit's USDT balance dropped by $1.66 billion, while it added $315 million in RLUSD holdings. Binance and OKX reduced their USDT balances by $987 million and $899 million respectively. The report suggests that trading platforms are attracting stablecoin liquidity through user rewards and reserve revenue-sharing agreements, driving the growth of competing stablecoins like USDC and RLUSD. However, USDT remains dominant, with its overall circulation only decreasing by about $647 million in Q3. https://www.(wublock123.com)/news/stablecoin-competition-binance-okx-bybit-cut-usdt-holdings-70341