USDT Supply Dynamics: Ethereum and TRON Dominate, But Face Contraction
As of August 12, 2026, the total circulating supply of USDT issued by Tether is approximately $184 billion, accounting for about 60% of the stablecoin market. Among these, Ethereum and TRON networks are the main platforms for USDT, each carrying approximately $90 billion in USDT, collectively accounting for about 97% of the total supply. Specifically, as of July 8, 2026, the USDT supply on Ethereum was close to $100 billion, while on the TRON network, it exceeded $89 billion.
However, the USDT supply has recently shown a trend of contraction. On July 7, 2026, $2.5 billion in USDT was burned on the Ethereum network, marking the largest supply contraction since February. Over the past 60 days, the USDT supply has cumulatively decreased by approximately $4 billion, with about $870 million occurring within the 11 days leading up to August 12, 2026. This contraction may signal an outflow of market liquidity, with some analysts suggesting it could be related to investors converting stablecoins to fiat currency and exiting the crypto market after Bitcoin prices fell from their 2025 peak. Additionally, the active addresses and average daily transaction volume of stablecoins have also significantly decreased over the past 30 days.
Despite the decline in supply, USDT continues to play a central role in global crypto payments, trading, and the demand for USD in emerging markets. Readers can check the real-time market and trends of this coin on Svmuu for the latest market data.
Bitcoin Miners' Transformation: Massive Investment in AI and High-Performance Computing
Bitcoin miners' revenue primarily comes from block rewards and transaction fees, with block rewards being the main component and subject to approximately quadrennial halving cycles. As of August 25, 2026, Bitcoin miners' daily revenue was approximately $38.8 million. While this figure increased from the previous day, it represents a 37.30% decrease compared to $61.89 million a year ago.
Facing increasing challenges and revenue volatility in the mining industry, public Bitcoin miners are actively seeking business diversification, investing billions of dollars in artificial intelligence (AI) and high-performance computing (HPC). A report by BlocksBridge Consulting shows that in the first half of 2026, nine comparable miners spent $5.11 billion on capital assets, while directly reported AI and HPC revenue for the same period was only $341.2 million, resulting in a capital expenditure to revenue ratio of approximately 15:1. This indicates that miners require significant upfront investment in the early stages of AI transformation, including substations, cooling systems, network equipment, and GPUs.
Despite the substantial initial investment, revenue growth from AI and HPC businesses is accelerating. These nine miners generated $205.8 million in revenue from these businesses in Q2 2026, a 52% quarter-over-quarter increase. Several companies, including Core Scientific, TeraWulf, and Bitdeer, have reported growth in AI and HPC revenue. Expanding to 15 Bitcoin miners and AI data center companies, their total capital expenditure in the latest reporting period of 2026 reached $30.7 billion, a 42.6% increase from the full year 2025. This reflects Bitcoin miners' long-term strategic commitment to the AI and HPC sectors.
