Ethereum Stablecoin Supply Declines: USDT Down 3.04%, USDC Off 3.32% Over 30 Days

USDT supply on Ethereum declined 3.04% over 30 days to $79.93B as of 2026-06-24, representing 42.90% of all USDT in global circulation.

Ethereum Stablecoin Supply Contracts as USDT and USDC Both Retreat Over 30 Days

The two dominant USD-pegged stablecoins on Ethereum have each shed supply over the past month, shrinking the network’s total stablecoin base even as decentralized exchange activity surged. USDT on Ethereum fell 3.04% — from $82.44B on 2026-05-25 to $79.93B as of 2026-06-24 — while USDC on Ethereum declined 3.32% over the same window, moving from $49.44B to $47.80B. Together, the two assets account for the bulk of Ethereum’s $156.23B total circulating stablecoin supply.

Ethereum’s position as the primary venue for both stablecoins remains substantial. USDT on Ethereum represents 42.90% of all USDT in global circulation ($79.93B of $186.31B), while Ethereum-based USDC carries an even greater network concentration, at 64.42% of total USDC supply ($47.80B of $74.20B).

TVL Contracts While DEX Volume Climbs

The stablecoin pullback coincides with a broader retreat in Ethereum DeFi activity measured by total value locked. TVL on Ethereum stood at $38.26B as of 2026-06-24, a decline of 10.24% over the trailing 30 days from $42.63B. That contraction in locked capital runs alongside a sharply different signal from trading activity.

DEX volume on Ethereum reached $1.01B in the 24 hours ending 2026-06-24, up 83.13% over the trailing 30-day period. That single-day figure placed Ethereum at 16.26% of all on-chain DEX volume globally, against a total cross-chain DEX volume of $6.22B in the same 24-hour window.

Key Figures at a Glance

• Ethereum total stablecoin supply: $156.23B (as of 2026-06-24)
• USDT on Ethereum: $79.93B — down 3.04% over 30 days; 42.90% of all USDT ($186.31B total)
• USDC on Ethereum: $47.80B — down 3.32% over 30 days; 64.42% of all USDC ($74.20B total)
• Ethereum DeFi TVL: $38.26B — down 10.24% over 30 days (from $42.63B)
• Ethereum DEX volume (24h): $1.01B — up 83.13% over 30 days; 16.26% of global DEX volume

Why It Matters

The parallel declines in USDT and USDC supply on Ethereum, each in the 3% range over 30 days, indicate that stablecoin holders reduced their on-chain Ethereum exposure during the period. Because Ethereum hosts 42.90% of all USDT and 64.42% of all USDC, movements in Ethereum-based supply carry significant weight for the broader stablecoin market. The simultaneous 10.24% drop in DeFi TVL — representing a move from $42.63B to $38.26B in locked capital — reinforces the picture of reduced on-chain deployment. The contrast with the 83.13% rise in DEX trading volume over the same 30 days suggests that while fewer assets were committed to lending and liquidity protocols, transactional activity on decentralized exchanges increased materially. Ethereum’s 16.26% share of global on-chain DEX volume on a single day underscores its continued role as a major settlement layer for decentralized trading even as stablecoin balances and TVL pulled back.

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.