Ethereum stablecoin supply declines 30 days: USDT down 2.52%, USDC down 4.56%

USDT supply on Ethereum declined 2.52% over 30 days to July 3, 2026, falling from $80.48B to $78.45B.

Ethereum Stablecoin Supply Shrinks as USDT and USDC Both Pull Back Over 30 Days

Both of Ethereum’s dominant dollar tokens shed supply in the 30 days to July 3, 2026, and USDC did it faster. USDC contracted at roughly 1.8 times the pace of USDT over the window. These two assets carry the bulk of Ethereum’s $152.60B stablecoin base, so a simultaneous drawdown reads as thinner dollar liquidity on the chain, not a rotation within it.

USDT and USDC Supply Trends

USDT on Ethereum sat at $78.45B on July 3, 2026, down from $80.48B a month earlier on June 3. That is a 2.52% decline, roughly $2.03B pulled off the chain in 30 days. The concentration hasn’t budged: Ethereum still holds 42.58% of the $184.25B in USDT circulating everywhere.

USDC fell harder. Supply dropped from $48.85B on June 3, 2026 to $46.62B on July 3, a 4.56% decline over the same 30 days. Even so, Ethereum accounts for 63.62% of the $73.28B in global USDC, nearly two-thirds of the total, which tells you where any further contraction would bite first.

Add the two together and you get $125.07B of Ethereum’s $152.60B stablecoin base sitting in USDT and USDC. When the chain’s dollar liquidity is that concentrated in two tokens, their direction is effectively the market’s direction.

DEX Activity Also Under Pressure

Trading has cooled alongside the supply. DEX volume on Ethereum is down 39.02% over the trailing 30 days. In the 24 hours before July 3, 2026, the chain cleared $998.31M, which was 14.70% of the $6.79B in on-chain DEX volume across all chains that day.

Set that against the capital in place. Ethereum held $39.56B in DeFi TVL on July 3, 2026, and the day’s $998.31M in DEX turnover works out to about 2.52% of that base. The trading is real, but it’s running thin against the capital deployed behind it.

Why It Matters

• Chain concentration risk: Ethereum hosts 42.58% of all USDT and 63.62% of all USDC, so supply moves here ripple through cross-chain stablecoin balances.
• Diverging contraction rates: USDC’s 4.56% drop against USDT’s 2.52% over the same 30 days breaks any lockstep read, with USDC losing ground at roughly 1.8 times the rate.
• Liquidity signals: Falling stablecoin supply paired with a 39.02% slide in 30-day DEX volume points to a broad pullback in on-chain dollar liquidity and trading over the measured period.
• Scale of the market: A $152.60B stablecoin base and $39.56B in TVL keep Ethereum a primary venue for on-chain dollar activity even after the declines.

The number to watch next is USDC’s share: at 63.62% of global supply on a 4.56% monthly slide, Ethereum has more to lose here than anywhere else if the outflow continues past July 3, 2026.

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.