USDT supply declined about $1.5 billion in February after a $1.2 billion fall in January, putting it on pace for the largest monthly decline since the ~$2 billion decrease in December 2022. USDT (market cap ≈ $183B) and USDC fell 1.7% and 0.9% in February while total stablecoin market cap rose ~2.33% to $307B. Data show whales/smart‑money net‑selling USDT (whales sold $69.9M across 22 wallets last week) even as newly created wallets bought roughly $591M, suggesting large holders are redeeming while fresh participants enter.

USDT supply dropped ~$1.5B in Feb following a $1.2B drop in Jan and is the largest monthly decline since the ~$2B fall in Dec 2022; USDT market cap is ~ $183B; whales sold $69.9M across 22 wallets while new wallets bought ~$591M; USDT and USDC fell 1.7% and 0.9% and total stablecoin market cap rose ~2.33% to $307B.