Daily Report on Liquidity on Stablecoin Chains (Issue 19 · Week 30, 2026)

01Overview of Stablecoin Supply

July 26, 2026, serves as the data benchmark date. The stablecoin market exhibits significant structural differentiation, with USDC further solidifying its position in settlement infrastructure. Its adjusted trading volume share rose to 70%, while weekend processing volume accounted for 20%, thereby reshaping the landscape of global financial flows. In contrast, although USDT holds a 47% share of the total value on the TRON network, which exceeds $90 billion in scale, inflows into exchange-based stablecoins dropped to their lowest level since 2025, averaging around $2.3 billion per month, reflecting reduced market trading activity.

Security incidents have disrupted local liquidity. AFX Trade suffered social engineering and infrastructure attacks, resulting in the theft of approximately 24 million USDC tokens via the Arbitrum bridge. The hackers then converted some of the stolen ETH into BTC using THORChain to facilitate faster cross-chain transfers. Additionally, Dango announced that it would cease trading services on July 29 due to unsustainable business models, with user funds to be refunded in the form of USDC.

Regarding the activity of major public blockchains, Ethereum’s TVL reached $41.34 billion, followed closely by Solana and BSC. The daily trading volumes of DEX platforms amounted to $1.14 billion and $1.29 billion respectively, indicating high activity in the multi-chain ecosystem for stablecoin transactions. Overall, stablecoins are transitioning from being mere value storage tools to high-frequency settlement and payment infrastructure. USDC’s penetration is increasing in emerging applications such as enterprise-level AI agent payments, while inflows of traditional transaction-based stablecoins are slowing down, with market focus shifting toward the application layer.

02Flow of exchange stablecoins

On 2026-07-26, on-chain data showed a continuous inflow of large amounts of BTC into exchanges, increasing the risk of short-term selling pressure. Institutional capital flows showed significant divergence: on 07-24, BlackRock’s IBIT experienced a net outflow of over $200 million in a single day, ending the consecutive inflow trend for ETH ETFs, reflecting how tightening macro liquidity is putting pressure on crypto assets. During the same period, Bitcoin spot ETFs saw a daily net outflow of $225 million, but the cumulative inflow over eight periods was still $774 million, with long-term holders increasing their holdings to the highest level in six years. As for Ethereum, it faced a daily net outflow of $70.7 million on 07-24. Coupled with a 40% decline in the nominal value of pledged assets to $77.7 billion, the annualized yield dropped to 2.62%. In the reshaping of stablecoin settlement infrastructure, USDC’s share of trading volume rose to 70% after adjustments. The inflow of exchange-based stablecoins reached its lowest level since 2025, with USDT and USDC together seeing an average monthly inflow of around $2.3 billion, indicating reduced trading activity in the current market. Regarding Whale holdings, Arthur Hayes has purchased a total of 3,914.84 ETH since July 15, with an unrealized loss of $113,000 so far. The largest short position holder at Hyperliquid added another $2 million in collateral, bringing the nominal value of its holdings to $12.78 million, with an unrealized profit of around $563,000.

03Changes in on-chain liquidity

Ethereum’s TVL is $41.25B, with a 1-day change of +0.2% and a 7-day change of +0.7%; DEX liquidity amounts to $425M. Tron’s TVL is $4.84B, showing a 1-day change of +0.2% and a 7-day change of +1.4%, while DEX liquidity is $31M. BSC’s TVL is $4.83B, with a 1-day change of +0.1% and a 7-day change of -1.9%, and its DEX liquidity is $1289M. Solana’s TVL is $4.82B, featuring a 1-day change of +0.1% and a 7-day change of -0.8%, with DEX liquidity at $1214M. Base’s TVL is $4.59B, showing a 1-day change of +0.6% and a 7-day change of +0.4%, and its DEX liquidity is $396M. Bitcoin’s TVL is $4.22B, with no change in the 1-day period but a 7-day change of -0.3%. Provenance’s TVL is $1.70B, with no 1-day change but a 7-day increase of +11.8%, and its DEX liquidity is $1M. Hyperliquid’s TVL is $1.24B, with a 1-day change of +0.3% and a 7-day change of -3.4%. Arbitrum’s TVL is $1.21B, showing a 1-day change of +0.2% and a 7-day change of -1.7%, while its DEX liquidity is $42M. Polygon’s TVL is $866M, with a 1-day change of -0.2% and a 7-day change of -7.2%, and its DEX liquidity is $150M. Monad’s TVL is $745M, featuring a 1-day change of +0.3% and a 7-day change of +6.9%, with DEX liquidity at $15M. Plasma’s TVL is $613M, with a 1-day change of +0.1% and a 7-day change of -9.4%, and its DEX liquidity is $4M. Avalanche’s TVL is $440M, showing a 1-day change of +0.2% and a 7-day change of +1.9%. Sui’s TVL is $430M, with a 1-day change of -0.1% and a 7-day change of -2.7%, and its DEX liquidity is $13M. Robinhood Chain’s TVL is $331M, with a 1-day change of +1.8% and a 7-day change of +40.4%. The adjusted trading volume share of USDC has risen to 70%. Exchange-stablecoin inflows average around $2.3 billion per month. The amount of USDT on the TRON chain reaches $90 billion.

04Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-26

Operational Recommendations

• Infrastructure Deployment for Settlements: The trading volume share of USDC has risen to 70% after adjustments, and Coinbase has launched AI proxy payment services for 5,000 enterprises. If the usage rate of USDC payment interfaces among enterprises continues to climb, it is advisable to increase USDC allocations moderately this week to capitalize on the benefits of settlement infrastructure.
• Liquidity Protection: The average monthly inflow of stablecoins into exchanges has dropped to $2.3 billion, hitting a new low in 2025. If inflows do not recover above $30 billion in the next two weeks, it is recommended to take defensive measures and reduce exposure to highly volatile assets.
• Security Risk Management: AFX Trade was hacked, resulting in the theft of approximately 24 million USDC tokens. If another stablecoin bridge vulnerability worth over $20 million occurs this month, immediately suspend related cross-chain transactions and transfer assets to cold wallets in batches.

Risk Warnings

• Black Swan Risks: Hackers are accelerating the conversion of 12,467 ETH tokens into BTC. If on-chain tracking reveals large amounts of funds flowing into exchange withdrawal channels, be alert to potential panic selling in the market.
• Compliance Risks: The main culprit in a gambling-related settlement case was sentenced. If regulators impose stricter restrictions on stablecoin payment channels, it could lead to a contraction in liquidity.