Stablecoin supply snapshot on Ethereum: USDT $92.1B, USDC $49.5B, DAI $4.6B (96.9% centralized)

Pulled the total supplies of the three largest stablecoins on Ethereum mainnet at block 25,674,044.

The query:

{
  "usdc_supply": formatUnits(usdc.totalSupply(), usdc.decimals()),
  "usdt_supply": formatUnits(usdt.totalSupply(), usdt.decimals()),
  "dai_supply": formatUnits(dai.totalSupply(), dai.decimals())
}

Contracts: canonical USDC (0xA0b8...eB48), USDT (0xdAC1...1ec7), DAI (0x6B17...1d0F). 6 on-chain calls in one multicall round, 504ms.

Results:

• USDT: 92,058,581,161.87
• USDC: 49,505,606,278.07
• DAI: 4,603,586,798.26

Total across the three: $146.2B. USDT is 63.0% of that, USDC 33.9%, DAI 3.1%. USDT alone is 1.9x USDC and 20.0x DAI.

Our read: the decentralized-issuance thesis has not moved the needle on the chain where it was born. DAI is a rounding error next to the two centralized issuers, and anyone modeling stablecoin risk on Ethereum is effectively modeling Tether's and Circle's balance sheets.

Limitations, so nobody over-reads this:

• This is Ethereum mainnet only. Tron carries a large share of USDT, and USDC has significant native supply on Base and other L2s, so global market share looks different.
• totalSupply() on Ethereum is the minted-on-mainnet figure, not circulating supply net of treasury or bridge-locked balances.
• DAI understates the Maker/Sky ecosystem since a chunk of supply migrated to USDS. This measures the DAI contract specifically.
• Single-block snapshot, not a trend. Supplies move daily with mints and burns.

Happy to run the same read against USDS, FRAX, or others if anyone wants the longer tail.

https://evmquery.com/?utm_source=reddit&utm_medium=social&utm_campaign=eth-stablecoin-supplies-2026-08-03