Ethereum Stablecoin Supply Declines: USDT Down 3.65%, USDC Off 3.00% Over 30 Days

USDT supply on Ethereum declined 3.65% over 30 days to June 28, 2026, falling from $82.01B to $79.02B.

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

Both of Ethereum’s dominant stablecoins shrank in the same month, and that’s the sharpest read of the chain heading into late June 2026. USDT supply on Ethereum fell 3.65% over the 30 days to 2026-06-28, from $82.01B down to $79.02B. USDC ran the same direction over that window, off 3.00% from $49.36B to $47.88B. Two retreats, $2.99B and $1.48B respectively, pulling against the chain at once.

Total USD-pegged stablecoin supply on Ethereum sat at $154.86B as of 2026-06-28. The weight here is hard to overstate: USDT’s $79.02B on Ethereum is 42.67% of all USDT in circulation, against a global total of $185.16B, while USDC’s $47.88B is a heavier 64.81% of all USDC in circulation, against a global $73.87B. When that much of each asset lives on one chain, a contraction on Ethereum stops being a single-network story.

DeFi TVL and DEX Volume Also Pull Back

The stablecoin move lines up with a wider slowdown across Ethereum activity. Total value locked in DeFi on Ethereum dropped 11.51% over the trailing 30 days, from $42.37B to $37.50B as of 2026-06-28. DEX volume cut deeper. Trading on Ethereum decentralized exchanges over the last 24 hours came to $408.72M, a number that marks a 70.82% decline across the same 30-day stretch.

That $408.72M put Ethereum at 9.13% of all on-chain DEX activity over the day, with cross-chain DEX volume totaling $4.47B.

Key Figures at a Glance

• Total USD-pegged stablecoin supply on Ethereum: $154.86B (as of 2026-06-28)
• USDT on Ethereum: $79.02B — down $2.99B (–3.65%) over 30 days; 42.67% of global USDT supply
• USDC on Ethereum: $47.88B — down $1.48B (–3.00%) over 30 days; 64.81% of global USDC supply
• DeFi TVL on Ethereum: $37.50B — down 11.51% (from $42.37B) over 30 days
• Ethereum DEX volume (24h): $408.72M — down 70.82% over 30 days; 9.13% of global DEX volume

Why It Matters

On-chain stablecoin supply works as a proxy for available liquidity, since these assets are the primary medium of exchange and collateral inside DeFi protocols. So read the alignment: a $2.99B USDT decline and a $1.48B USDC decline landing alongside an 11.51% drop in DeFi TVL and a 70.82% drop in DEX volume describe one thing, reduced on-chain engagement showing up across several measures at once. And because Ethereum holds 64.81% of all circulating USDC and 42.67% of all circulating USDT, where its balances go, the broader stablecoin market feels it too.

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 30 days?

USDT supply fell 3.65% from $82.01B to $79.02B, while USDC dropped 3.00% from $49.36B to $47.88B over the 30 days to June 28, 2026.

What percentage of global stablecoin supply does Ethereum hold?

Ethereum holds 42.67% of all circulating USDT (against a global total of $185.16B) and 64.81% of all circulating USDC (against a global total of $73.87B) as of June 28, 2026.

How did DeFi activity on Ethereum change over the 30-day period?

DeFi TVL on Ethereum declined 11.51% from $42.37B to $37.50B, and DEX volume fell 70.82% to $408.72M in the last 24 hours as of June 28, 2026.

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: $154.86B (as of 2026-06-28) — source [API]
• DeFi TVL: $37.50B (as of 2026-06-28) — source [API]
• DeFi TVL 30-day change: -11.51% (as of 2026-06-28) — source [API]
• DEX volume (24h): $408.72M (as of 2026-06-28) — source [API]
• DEX volume 30-day change: -70.82% (as of 2026-06-28) — source [API]
• Share of all DEX volume: +9.13% (as of 2026-06-28) — source [API]
• Stablecoin supply on chain: $79.02B (as of 2026-06-28) — source [API]
• Stablecoin 30-day supply change: -3.65% (as of 2026-06-28) — source [API]
• Stablecoin chain share: +42.67% (as of 2026-06-28) — source [API]
• Stablecoin supply on chain: $47.88B (as of 2026-06-28) — source [API]
• Stablecoin 30-day supply change: -3.00% (as of 2026-06-28) — source [API]
• Stablecoin chain share: +64.81% (as of 2026-06-28) — 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.