Stablecoin weekly: the $1.52B burn (2026)

Data cutoff: 9:00 a.m. ET on Jul 8, 2026. This weekly run covers the Jul 1 8:29 a.m. to Jul 8 8:00 a.m. ET collection window.

The stablecoin liquidity read deteriorated again. USDT, USDC, and DAI together stood at $261.16B, down $1.52B from the Jul 1 checkpoint. That aggregate burn comes from USDT falling $1.388B, USDC falling $140.7M, and DAI adding only $4.3M. 1

The market signal is liquidity-negative, but the composition matters. The Big-3 decline is almost entirely a USDT story, and the latest 24h chain data points to Ethereum USDT as the pressure point. USDC is softer over the week, but Ethereum USDC still added supply over the latest day. DAI remains too flat to change the read. 1

Big-3 scorecard

Asset	Current supply	7d net flow	24h net flow	Read
USDT	$183.006B	-$1.388B (-0.75%)	-$1.162B (-0.63%)	Main source of the weekly contraction. 1
USDC	$73.308B	-$140.7M (-0.19%)	+$66.5M (+0.09%)	Weekly softness with a small latest-day bounce. 1
DAI	$4.848B	+$4.3M (+0.09%)	-$3.2M (-0.07%)	Effectively flat. 1
Big-3	$261.162B	-$1.525B	-$1.099B	Broad contraction, led by USDT. 1

The calculation is the main point. The Big-3 weekly change is USDT -$1.388B plus USDC -$140.7M plus DAI +$4.3M, which leaves a net -$1.525B supply move. The 24h move is also negative because USDT's -$1.162B latest-day drawdown more than offsets USDC's +$66.5M bounce and DAI's -$3.2M slip. 1

For traders, that means the aggregate basket has not refilled. The direction is still lower, and there is no fresh sourced macro or regulatory data available to confirm or offset the stablecoin signal.

USDT: Ethereum reversed the prior rebound

USDT supply was $183.006B at the cutoff, down from $184.394B at the Jul 1 checkpoint. The latest 24h USDT move was -$1.162B, which accounts for most of the Big-3 latest-day contraction. 1

Ethereum held $77.295B of USDT and lost $1.187B over 24 hours, a 1.51% chain-level decline. Tron held $87.481B and changed by only +$702 over 24 hours, which is effectively flat at this scale. Solana USDT rose $28.0M over 24 hours to $2.538B, and Avalanche USDT rose $50.0M over 24 hours to $352.3M. 1

The chain mix still leaves USDT concentrated in two venues. Tron accounts for 47.8% of USDT supply, Ethereum accounts for 42.2%, BSC accounts for 5.0%, Solana accounts for 1.4%, and Arbitrum accounts for 0.5%. Sui USDT remains at $0, after several weeks of complete drain in the tracked series. 1

That leaves a narrow interpretation. Tron is no longer the active drain, but it is not adding supply either. Ethereum is where the latest pressure sits. Solana and Avalanche absorbed small USDT inflows, but those inflows are not large enough to offset the Ethereum decline.

USDC: Ethereum absorbed supply, Solana lost the floor

USDC supply was $73.308B, down $140.7M over the week but up $66.5M over the latest 24 hours. The weekly direction is still negative, yet the latest-day print is less severe than USDT's. 1

Ethereum USDC rose $160.8M over 24 hours to $47.043B. Arbitrum USDC rose $31.8M to $2.266B, and Avalanche USDC rose $26.9M to $484.5M. Those gains were offset by Solana USDC falling $71.2M to $7.267B, Base USDC falling $54.0M to $4.266B, and Hyperliquid USDC falling $33.7M to $5.808B. 1

USDC's top-chain distribution is also more Ethereum-heavy than USDT's. Ethereum holds 64.2% of USDC supply, Solana holds 9.9%, Hyperliquid holds 7.9%, Base holds 5.8%, and Arbitrum holds 3.1%. 1

The important break is Solana. Solana USDC has fallen below the earlier $7.6B floor, while Hyperliquid remains below $6B. 1 That combination weakens the risk-chain read. Ethereum absorbed USDC on the latest day, but the chains that traders often watch for speculative venue liquidity did not confirm the bounce.

DAI: still a rounding error for this signal

DAI supply was $4.848B, up $4.3M over seven days and down $3.2M over 24 hours. Ethereum held about $4.15B of DAI and lost $7.0M over 24 hours, while Polygon held about $562M and added $3.9M over 24 hours. 1

DAI does not change the aggregate signal this week. Its weekly move is positive, but the gain is too small compared with USDT's $1.388B decline and USDC's $140.7M decline. The practical read is that DAI is stable while the two larger assets drive the liquidity tape. 1

What verified data could not show

Several requested metrics are unavailable in this week's verified data:

Per-chain 7d deltas: the verified data provide current chain balances and latest 24h chain moves, but they do not provide a complete per-chain 7d delta table. 1
Issuer transaction-level mint and burn events: the available data support net supply changes, but they do not verify individual Tether, Circle, or MakerDAO/Sky mint and burn transactions with timestamps.
Large single-wallet mint or burn events: whale-level wallet categories, addresses, and transaction directions are not verified in the available data.
Bridge flows and exchange balances: cross-chain bridge net flows and exchange stablecoin balances are unavailable, so this article does not infer buying power from hot-wallet or venue-balance data.
Macro confirmation: BTC, ETH, funding, ETF flow, and sentiment data are not present in the verified data, so the stablecoin read stands alone.

The missing fields matter because they limit attribution. The verified data can show that Big-3 supply contracted and where the latest 24h chain pressure appeared. It cannot prove whether the burn came from exchange withdrawals, DeFi rotation, bridge movement, issuer redemptions, or a small number of large wallets.

Trading read

The strongest signal is the Big-3 burn. A $1.525B weekly contraction against a $261.162B current basket is not a panic-scale collapse, but it is not fresh buying power. The latest 24h move reinforces the same direction because the basket lost $1.099B in a single day, with USDT responsible for the pressure. 1

The chain signal is more mixed. Ethereum USDT lost $1.187B over 24 hours, while Ethereum USDC added $160.8M. Solana USDT and Avalanche USDT added supply, but Solana USDC, Base USDC, and Hyperliquid USDC lost supply. 1 That is not a broad cross-chain liquidity refill. It is a contraction with a few localized offsets.

A better print needs three things: Big-3 supply stabilization, Ethereum USDT no longer leading the outflow, and Solana or Hyperliquid USDC recovering without merely shifting liquidity away from another major chain. Until then, this week's stablecoin data argues for caution rather than risk expansion.

참고 출처

1DeFiLlama stablecoins data