USDT supply on Ethereum declined 2.21% to $78.43B over 30 days to July 5, 2026, while USDC fell 4.09% to $46.55B.
Key takeaways
- USDT supply on Ethereum declined 2.21% to $78.43B over 30 days to July 5, 2026, while USDC fell 4.09% to $46.55B.
- Ethereum holds 63.72% of all USDC in global circulation ($46.55B of $73.05B) and 42.57% of all USDT ($78.43B of $184.25B).
- DeFi TVL on Ethereum rose 3.01% to $39.91B over 30 days, while DEX trading volume declined 68.37% over the same period as of July 5, 2026.
Ethereum Stablecoin Supply Contracts as USDT and USDC Both Fall Over 30 Days
Money is leaving Ethereum’s two biggest stablecoins at the same time. USDC dropped 4.09% and USDT slid 2.21% in the 30 days to July 5, 2026, and the two declines land on a network that isn’t behaving the way you’d expect: DeFi TVL is up, DEX volume is sharply down, and stablecoin balances are shrinking underneath both.
USDT and USDC Supply Trends
USDT on Ethereum stood at $78.43B on July 5, 2026, down from $80.21B a month earlier on June 5. That’s $1.78B off the chain, a 2.21% contraction. Even after the drawdown, Ethereum still carries 42.57% of every USDT in circulation, $78.43B of a $184.25B global total.
USDC pulled back harder. Supply fell from $48.54B on June 5, 2026 to $46.55B on July 5, a $1.99B decline of 4.09%. And Ethereum’s grip on USDC is far tighter than its grip on USDT: the network holds 63.72% of all USDC in circulation, $46.55B against a $73.05B global total. When USDC moves on Ethereum, it moves the whole market.
Between them, USDT and USDC account for $124.98B of Ethereum’s $152.66B in total USD-pegged stablecoin supply as of July 5, 2026.
DeFi TVL Rises While DEX Volumes Fall Sharply
Locked capital is going the other way. DeFi TVL on Ethereum rose 3.01% over the trailing 30 days, from $38.74B to $39.91B as of July 5, 2026. Trading throughput did not follow.
DEX volume on Ethereum came to $658.29M in the 24 hours ending July 5, 2026, but the 30-day trend for that metric is down 68.37%. That single-day $658.29M still made up 13.12% of all on-chain DEX volume across chains, out of a $5.02B cross-chain total.
Why It Matters
- Stablecoin concentration: Ethereum holds 63.72% of all USDC and 42.57% of all USDT. Supply shifts on this one chain drag the global numbers with them, so a continued drawdown here reads directly through to both assets worldwide.
- Diverging signals: TVL up 3.01%, stablecoin balances down, 30-day DEX volume down 68.37%. Dollars locked in protocols grew while the stablecoins and the trading that usually accompany them fell off together.
- DEX share: Even through that 30-day decline, Ethereum’s 13.12% of a $5.02B daily cross-chain market shows it still clears a meaningful slice of decentralized trading.
The July 5, 2026 snapshot leaves Ethereum with $152.66B in stablecoin supply, $39.91B in DeFi TVL, and $658.29M in 24-hour DEX volume. Watch the USDC line: at 63.72% of global supply, its next move on Ethereum sets the direction for the asset everywhere.
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.
Frequently Asked Questions
How much did USDT and USDC supply decline on Ethereum over the last 30 days?
USDT supply on Ethereum declined 2.21% to $78.43B over the 30 days to July 5, 2026, while USDC fell 4.09% to $46.55B. Together, these two stablecoins represent $124.98B of Ethereum’s $152.66B total USD-pegged stablecoin supply.
What percentage of global USDT and USDC does Ethereum hold?
Ethereum holds 42.57% of all USDT in global circulation ($78.43B of $184.25B) and 63.72% of all USDC in global circulation ($46.55B of $73.05B) as of July 5, 2026.
Why is the decline in Ethereum stablecoins significant?
Because Ethereum holds such a large share of global USDC (63.72%) and USDT (42.57%), supply shifts on this single chain directly affect both assets worldwide. Additionally, stablecoin balances fell while DeFi TVL rose 3.01% and DEX volume declined 68.37% over the same 30-day period, creating a divergence in market signals.
Data & sources
Every figure in this article is pulled from live on-chain data and linked to its source and the date it was read.
- Total stablecoin supply on chain: $152.66B (as of 2026-07-05) — source [API]
- DeFi TVL: $39.91B (as of 2026-07-05) — source [API]
- DeFi TVL 30-day change: +3.01% (as of 2026-07-05) — source [API]
- DEX volume (24h): $658.29M (as of 2026-07-05) — source [API]
- DEX volume 30-day change: -68.37% (as of 2026-07-05) — source [API]
- Share of all DEX volume: +13.12% (as of 2026-07-05) — source [API]
- Stablecoin supply on chain: $78.43B (as of 2026-07-05) — source [API]
- Stablecoin 30-day supply change: -2.21% (as of 2026-07-05) — source [API]
- Stablecoin chain share: +42.57% (as of 2026-07-05) — source [API]
- Stablecoin supply on chain: $46.55B (as of 2026-07-05) — source [API]
- Stablecoin 30-day supply change: -4.09% (as of 2026-07-05) — source [API]
- Stablecoin chain share: +63.72% (as of 2026-07-05) — source [API]
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.
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About the Author: John Brok
