USDT Smart-Contract Share on Ethereum Drops to 10-15% Range

Key Facts

1The smart-contract share of USDT holdings on Ethereum fell to 10%–15% after late 2024.

2The total supply of Tether stablecoin surpassed $180 billion in early 2026.

The smart-contract share of USDT holdings on the Ethereum network fell to between 10% and 15% following late 2024. TokenPost reported that the total supply of the Tether stablecoin surpassed the $180 billion mark in early 2026, highlighting a divergence between issuance growth and decentralized finance utility.

This trend suggests that the expansion in USDT supply is increasingly held in externally owned accounts or centralized exchanges rather than smart-contract protocols. Researchers noted that these findings serve as a proxy for on-chain activity, indicating that recent growth may be driven by savings or remittances rather than direct DeFi engagement.