June 26, 2026 · 8:28 AM
Stablecoin daily: USDT loses $1B
Big-3 stablecoins lost $1.119B in the Jun 25–26 daily window, led by a $971M Ethereum USDT reversal. Solana stabilized as USDC recovered above $7B, but BTC below $59K, Extreme Fear at 13, and $773.6M in combined BTC/ETH ETF outflows keep the liquidity signal bearish.
Data cutoff: stablecoin supply around 9:00 a.m. ET on Jun 26; BTC/ETH prices around 9:10 a.m. ET. This issue covers roughly 9:29 a.m. ET on Jun 25 to 9:00 a.m. ET on Jun 26.
The daily liquidity read flipped from rotation risk to outright contraction. The Big-3 stablecoins lost $1.119B in 24 hours, with USDT alone down $1.018B and nearly all of that decline coming from Ethereum USDT. 1 Solana is the exception: USDC recovered back above $7B while USDT was flat, so the chain that drove yesterday's outflow stopped bleeding. 1
The problem is that the broader tape did not confirm a recovery. BTC sat below $59K, ETH underperformed BTC, Fear & Greed stayed at 13, and U.S. spot BTC plus ETH ETFs shed a combined $773.6M on Jun 25. 2 3 4 5 6 The signal is bearish acceleration, with Solana acting as a local anomaly rather than a market-wide turn.
Big-3 scorecard: USDT drives the drawdown
| Asset | Current supply | 24h change | 7d change | Read |
|---|---|---|---|---|
| USDT | $185.035B 1 | −$1.018B 1 | −$1.131B 1 | The largest daily drag in the core basket. |
| USDC | $73.717B 1 | −$73.0M 1 | −$1.122B 1 | Still shrinking, but Solana partly offset the decline. |
| DAI | $4.840B 1 | −$30.6M 1 | +$456.7M 1 | A third daily decline, but still above last week's level. |
| Big-3 total | $263.592B 1 | −$1.119B 1 | −$1.797B 1 | Broad contraction, led by USDT. |
USDT is the decisive change. Its circulating supply fell from $186.053B to $185.035B in 24 hours, a 0.55% daily contraction. 1 Tether's own transparency page last reported $186.252B of USDt net circulation as of Jun 22 at 7:30 p.m. ET, which is $1.217B above the current DeFiLlama figure because Tether's attestation predates the latest decline. 7 1
USDC also remained negative at −$73.0M over 24 hours and −$1.122B over seven days. 1 DAI fell $30.6M for its third straight daily decline, though its seven-day change is still positive because of the earlier expansion. 1
The only major stablecoin counterweight was USDS. USDS rose $105.3M to $8.236B, and Ethereum USDS accounted for almost all of that move with a $106.3M chain-level increase. 1 That does not offset the Big-3 drawdown, but it does show that the day's liquidity contraction was not evenly distributed across every dollar asset.
Chain flows: Ethereum USDT reverses; Solana stops bleeding
Ethereum USDT is the main event. The chain's USDT supply fell from $80.034B to $79.063B, a $971.3M daily decline. 1 That single chain explains 95.5% of USDT's total daily contraction, reversing the prior day's $238M Ethereum USDT repatriation. 1 Tron USDT was effectively unchanged at $87.748B, so the USDT contraction was not a broad Tron-led redemption event. 1
Solana moved the other way. Solana USDC rose $91.4M to $7.095B, putting it back above the $7B level it had lost earlier in the week. 1 Solana USDT was flat at $2.656B, down only $1.17 from the prior day. 1 The three-day Solana hemorrhage has stopped for now, but the recovery is concentrated in USDC rather than a chain-wide surge across every stablecoin.
Hyperliquid L1 remained the cleanest negative USDC signal. Hyperliquid L1 USDC fell $105.6M to $5.764B, its third consecutive day below $6B, and the chain's total stablecoin balance also stayed below $6B at $5.978B. 1 The research pull did not identify bridge or exchange-flow data that explains the cause, so this should be treated as a persistent drain rather than an attributed outflow.
Avalanche deteriorated across both core assets. Avalanche USDT fell $39.9M to $372.0M, while Avalanche USDC fell $34.7M to $464.7M; together, the two assets lost $74.6M in 24 hours. 1 Tether's transparency page reported $394.3M of Avalanche USDt net circulation as of Jun 22, close enough to the DeFiLlama figure to make the Avalanche read less likely to be a pure accounting mismatch. 7
The positive pockets were smaller and mostly USDC-led. Arbitrum USDC rose $34.4M to $2.361B, offsetting a $6.1M Arbitrum USDT decline. 1 Aptos USDC rose $15.2M to $208.0M, with Aptos USDT nearly flat at $826.1M. 1 Base USDC added $19.0M to reach $4.189B, while Mantle USDT added $11.6M to $391.3M. 1
Two zero-outs should be handled carefully. Sui USDT dropped from $13.0M to $0, and Near USDC dropped from $48.2M to $0. 1 Because both moves are abrupt and chain-specific, they may reflect bridge migration or data reclassification rather than economic redemption. The next daily pull should confirm whether those balances remain at zero.
Macro confirmation: spot, sentiment, and ETFs all line up bearish
BTC was $58,982.97 at 9:10 a.m. ET on Jun 26, down 0.56% over 24 hours and 6.49% over seven days. 2 The move took BTC below the $60K level that had framed the prior sessions. 2 ETH was weaker: $1,532.35 at 9:08 a.m. ET, down 1.66% over 24 hours and 9.79% over seven days. 3
Sentiment did not rebound. The Fear & Greed Index read 13, still classified as Extreme Fear, after a cycle-low 12 on the prior day. 4 The index has now remained in Extreme Fear for more than 32 consecutive days, which means the one-point uptick does not change the risk-off backdrop. 4
ETF flows were the institutional confirmation. U.S. spot BTC ETFs recorded −$691.7M of net flow on Jun 25, compared with −$469.0M on Jun 24. 5 The verified outflow streak is six trading days from Jun 17 through Jun 25, with about −$1.52B of cumulative BTC ETF outflows over that span. 5 Fund-level selling was broad: FBTC lost $274.5M, IBIT lost $265.7M, ARKB lost $82.1M, and only MSBT recorded a positive $9.2M flow. 5
U.S. spot ETH ETFs added another −$81.9M of net outflow on Jun 25, almost triple the prior day's −$30.3M. 6 ETHA accounted for $63.0M of the selling, or about 77% of the total ETH ETF outflow. 6 Combined BTC and ETH ETF outflows reached −$773.6M for Jun 25, matching the stablecoin contraction signal rather than contradicting it. 5 6
Policy and institutional context
Stablecoin policy stayed active while liquidity weakened. President Trump cancelled the Jun 24 signing ceremony for the housing bill that includes a CBDC ban, tying his signature to the SAVE America Act after that bill failed its latest Senate vote 48-50 on Jun 4. 8 The CBDC provision would bar the Federal Reserve from issuing a CBDC through Dec 31, 2030, while exempting open, permissionless, private stablecoins such as USDT and USDC. 8
The market-structure bill is less settled. Sen. Cynthia Lummis said negotiators plan to release final CLARITY Act text around Jul 4 for a July Senate vote, but Senate Majority Leader John Thune told Semafor that the chamber is running out of time. 9 Prediction-market odds for 2026 passage fell from about 74% to 42% over the past month. 9
Institutional stablecoin infrastructure kept moving despite the market selloff. Nomura Holdings signed an MOU with Circle on Jun 26 to explore stablecoin settlement, on-chain collateral management, fund transfers, and capital-markets transactions in Japan and global markets. 10 Invesco, which manages $2.5T, filed for the Invesco Stablecoin Reserves Onchain Fund, a tokenized vehicle that would invest in cash and short-term U.S. Treasuries to back stablecoins. 11
Japan also added a consolidation signal. SBI Holdings agreed on Jun 25 to buy Bitbank for about $289M, with closing expected in October 2026 subject to regulatory approval. 12 The combined business would have 2.92M accounts and about $6.8B in assets under custody, making it Japan's largest crypto operator by those reported figures. 12
Liquidity signal for the next window
The next read should start with three variables.
- Ethereum USDT: If the $79.063B balance keeps falling, the daily burn has moved beyond a one-day reversal and into sustained Ethereum-side liquidity contraction. 1
- Solana USDC: If Solana USDC holds above $7.095B, the chain's local stabilization has a better chance of surviving the broader risk-off move. 1
- ETF flows: If BTC and ETH ETFs continue losing hundreds of millions per session after the Jun 25 combined −$773.6M outflow, stablecoin stabilization alone will not be enough to call a liquidity turn. 5 6
For now, the supply contraction is larger than the local recoveries. Solana stopped leaking, USDS gained, and a few L2 pockets grew. The main pool that matters most today is Ethereum USDT, and it just gave back nearly a billion dollars in one window.
Cover image: image from Crypto Briefing.
References
- 1DeFiLlama Stablecoins Dashboard
- 2CoinPaprika BTC market page
- 3CoinPaprika ETH market page
- 4Alternative.me Fear & Greed Index
- 5Farside Investors Bitcoin ETF flows
- 6Farside Investors Ethereum ETF flows
- 7Tether Transparency
- 8TechTimes: Trump Holds CBDC Ban Hostage
- 9The Block: Senate races to advance crypto legislation in July
- 10Nomura: MOU with Circle for digital finance
- 11CoinDesk: Invesco files for tokenized stablecoin reserve fund
- 12CoinDesk: SBI Holdings to buy Bitbank
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