Ethereum’s USDT Supply Falls 2.98% in 30 Days to $79.93B, Maintaining 42.9% of Global Total

USDT supply on Ethereum fell 2.98% in 30 days to $79.93B as of June 23, 2026, declining from $82.38B on May 24, 2026.

Ethereum’s USDT Supply Contracts 2.98% in 30 Days, Still Holds 42.9% of Global Float

The dominant on-chain signal from Ethereum’s stablecoin market over the past month is a measurable contraction in its USDT supply. Between May 24, 2026 and June 23, 2026, the circulating supply of USDT on Ethereum fell from $82.38 billion to $79.93 billion — a decline of 2.98% — even as the chain continued to host the single largest share of the token’s global float.

As of June 23, 2026, Ethereum’s $79.93 billion in USDT represents 42.90% of all USDT in circulation worldwide, which totals $186.31 billion across all chains. That means roughly 57 cents of every dollar of USDT outstanding sits somewhere other than Ethereum — yet no other chain commands as large a portion of the global supply as Ethereum’s 42.9% share.

Ethereum’s Broader Stablecoin Picture

USDT does not tell the full story of Ethereum’s stablecoin footprint. Total USD-pegged stablecoin supply on Ethereum stands at $156.51 billion as of June 23, 2026. Placed against the $79.93 billion USDT figure, that means USDT accounts for roughly 51.1% of all dollar-pegged stablecoins on the chain — a figure that follows directly from the two supplied totals — with the remaining balance made up by other USD-pegged assets.

The $79.93 billion USDT balance and the $156.51 billion total stablecoin supply together illustrate that Ethereum remains a heavily utilized settlement layer for dollar-denominated on-chain liquidity, even as individual token balances shift from month to month.

The 30-Day Decline in Context

The $2.45 billion reduction in USDT on Ethereum over the 30-day window — from $82.38 billion to $79.93 billion — is a net figure that reflects the combined effect of redemptions, cross-chain transfers, and any new issuance during the period. The result is a supply level that, while lower than it was a month prior, still anchors Ethereum as the chain hosting the largest single-chain portion of USDT globally at 42.9%.

• USDT on Ethereum (June 23, 2026): $79.93B
• USDT on Ethereum (May 24, 2026): $82.38B
• 30-day change: –2.98%
• Ethereum’s share of global USDT supply: 42.90% of $186.31B
• Total USD-pegged stablecoin supply on Ethereum: $156.51B

Why It Matters

A sustained decline in USDT supply on a given chain is one of the more direct on-chain indicators that dollar-denominated liquidity is moving or being redeemed. Ethereum’s 2.98% contraction over 30 days shows that while the chain retains a commanding 42.9% of global USDT float, that position is not static. With $156.51 billion in total USD-pegged stablecoins still resident on Ethereum, the chain’s role as a stablecoin settlement layer remains substantial — but the month-over-month USDT decline signals that the composition and concentration of that liquidity continues to shift.

Disclaimer: Market data is informational only and not investment advice. Figures are accurate as of the stated dates and change continuously.

Featured illustration is AI-generated.

Methodology: every figure above links to its live on-chain source (DeFiLlama, CoinGecko) and the date it was read; analysis by Blockchain Magazine. Informational only, not investment advice.