Tether Burns $2.5 Billion in USDT on the Ethereum Network

Tether burned $2.5 billion worth of USDT on the Ethereum network on Tuesday, July 7, 2026 (16 Tir 1405), its largest single reduction in circulating supply since February 2026, cutting roughly 1.3 percent of USDT's circulating supply. The move brought total USDT supply to approximately $189.6 billion. Reports described the burn as routine cross-chain treasury rebalancing rather than a strategic move to shrink supply, and the stablecoin's peg to the dollar held steady.