Daily Report on Liquidity on Stablecoin Chains (Issue 17 · Week 30, 2026)

01Overview of Stablecoin Supply

July 24, 2026, serves as the data benchmark date. The stablecoin market is characterized by simultaneous expansion across multiple chains and reshaping in terms of compliance. The supply of USDC on the Solana network has reached $72.01 billion, surpassing this threshold on multiple occasions this year, indicating that high-performance public chains are becoming new hubs for stablecoin liquidity. The prices of major stablecoins remain stable: USDT is currently trading at $0.9992, USDC at $0.9998, DAI at $0.9998, and FDUSD at $0.9972, all of which are pegged to the value of the US dollar.

On the regulatory front, the advancement of the CLARITY act has sparked expectations of changes in the industry landscape. This bill aims to prohibit federal officials from holding crypto assets, with the goal of eliminating conflicts of interest and putting an end to regulatory ambiguity. Sumitomo Mitsui warns that if the bill becomes law, Open USD could challenge USDC’s dominant position thanks to its revenue-sharing advantages and Coinbase’s dual role, forcing Circle to rethink its business model. Meanwhile, Kakao Group has signed a strategic memorandum with Circle to explore cooperation in developing a compliant digital asset ecosystem in South Korea, further expanding institutional use cases.

Chain-related security incidents have been frequent. AFX Trade lost $24.15 million in USDC due to flaws in its smart contract, while Verus’ Ethereum cross-chain bridge suffered an attack that resulted in losses of around $7.54 million, highlighting the urgency of risk management at the protocol level. Despite these localized risks, the total global crypto market value reaches $2.30 trillion, with BTC holding a dominance rate of 56.7%. The market as a whole maintains ample liquidity, and stablecoins continue to play a crucial role as both transaction mediums and hedge assets.

02Flow of exchange stablecoins

On 2026-07-24, institutional capital movements showed significant divergence. Abraxas Capital transferred over $223 million in assets to exchanges such as Kraken and Binance within 7 hours, while withdrawing approximately $26.42 million during the same period, indicating that leading institutions had clear demand for selling spot assets or hedging. This large-scale transfer aligns with predictions that AI-driven quantitative firms are accelerating their entry into the market and that the era of retail investor gains is coming to an end, suggesting that professional pricing power is gradually replacing retail sentiment as the driving force in the market.

Liquidation data revealed risks associated with leveraged positions. The total amount liquidated across the network in the past 24 hours reached $167 million, of which long-position liquidations amounted to $95.73 million, accounting for 57%. Moreover, the scale of ETH short-position liquidations exceeded that of BTC, indicating that the market is clearing out highly leveraged long positions amid volatility. Although there is no direct data on net inflows of stablecoins from exchanges, combined with Abraxas Capital’s large-scale asset transfers and the concentrated liquidations of long positions, it can be inferred that current market fluctuations are driven by institutional rebalancing activities, leaving retail investors at a disadvantage in the face of quantitative strategies.

03Changes in on-chain liquidity

The current prices of USDT, USDC, FDUSD, and DAI are $0.9992, $0.9998, $0.9972, and $0.9998 respectively, with a 0.0% change over the past 7 days, indicating that the prices of stablecoins are highly anchored. In terms of liquidity ratings, FDUSD leads with 66 points, followed by USDT at 64 points, USDC at 51 points, and DAI lowest at 29 points, reflecting that FDUSD and USDT have relative advantages in terms of on-chain trading depth and slippage control.

The supply of USDC on the Solana network reached $72.01 billion on 07-24, with Circle issuing an additional 250 million tokens on the same day, highlighting strong growth in the liquidity supply of stablecoins on this chain. However, on-chain security risks pose disruptions to liquidity. On 07-23, AFX Trade lost $24.15 million in USDC due to contract flaws, PancakeSwap LP lost $2.96 million due to malicious signatures, and the Verus cross-chain bridge suffered losses of around $7.54 million as a result of attacks. These incidents could lead to short-term liquidity outflows or increased risk-aversion sentiment. Although Abraxas Capital transferred $223 million in assets to exchanges on 07-23, the lack of specific on-chain TVL data makes it difficult to quantify the overall net trend in liquidity pools.

04Operation suggestions

Operational Recommendations and Risk Warnings

Operational Recommendations

1. Liquidity Protection: The 24-hour trading volume of USDT has reached $40.2B. If it falls below $35B and the sentiment index drops below 30, take moderate defensive measures to avoid risks associated with liquidity crunches.
2. Event-Driven Trading: Trading volumes are expected to exceed 10 billion ahead of the Federal Reserve’s interest rate decision. If AI-driven quantitative strategies intensify volatility, build positions in stages to capture institutional pricing advantages.
3. Risk Control First: Numerous smart contract vulnerabilities have resulted in losses of tens of millions of dollars recently. If a holding protocol has not undergone auditing or shows abnormal authorization patterns, reduce holdings immediately.

Risk Warnings

1. Regulatory Risks: Shenzhen has banned unauthorized accounts. If regulatory enforcement intensifies, assets with poor compliance may face liquidity freezes.
2. Black Swan Events: The sentiment index dropped sharply by 15.6 points to 36.2. If Whale activity continues to surge, be vigilant against severe market fluctuations.
3. Technical Risks: Cross-chain bridges and contract vulnerabilities are occurring frequently. If major bridging protocols issue security alerts, suspend cross-chain transactions.

05Related Reads

1. “CLARITY法案正式实施：USDC的霸主地位或遭Open USD颠覆”
2. “2415万美元USDC被盗，Arbitrum桥网络幸免于难”
3. “预测市场AI军备竞赛：散户时代终结，机构量化策略占据主导”