Daily Report on Liquidity on Stablecoin Chains (Issue 4 · Week 28, 2026)

01Overview of Stablecoin Supply

July 10, 2026, serves as the data benchmark date. The current stablecoin market exhibits significant liquidity stratification and structural adjustments driven by regulatory pressures. USDT remains anchored at $1.00, with a 24-hour trading volume of $40.4B, holding an absolute dominant position; USDC also trades at $1.00, but with a 24-hour volume of $11.3B, ranking just behind it. DAI and FDUSD have 24-hour trading volumes of $175M and $60M respectively, highlighting the huge gap in liquidity depth between decentralized stablecoins and those backed by exchanges.

In terms of on-chain activity, Ethereum tops the list with a TVL of $38.42B and daily DEX trading volume of $1.16B. Although Solana has a TVL of $4.94B, its daily DEX trading volume reaches $1.79B, surpassing Ethereum and demonstrating its liquidity advantage in high-frequency trading scenarios. Tron continues to serve as the core infrastructure for USDT settlements, with a TVL of $4.90B and DEX trading volume of $35M.

Recent events have had a direct impact on stablecoin supply. On July 9, Tether minted $1 billion in USDT in Treasury accounts, which analysts interpret as a signal of strong demand aimed at consolidating its dominance and reshaping DeFi lending rates. Meanwhile, amid increasing regulatory pressure, Revolut announced that it would stop providing USDT services to users in the European Economic Area and Switzerland by August 31, 2026, due to Tether’s lack of MiCA approval, reflecting the tightening regulatory stance in the EU. Additionally, Circle faces criminal charges from prosecutors in Wisconsin and New York State for refusing to cooperate with law enforcement in freezing fraudulent assets, sparking intense debates over the technical architecture of stablecoins and their legal obligations.

Regarding market sentiment, the overall AI sentiment score is 49/100, indicating a neutral level. The sudden increase in on-chain activity related to Whales suggests possible inflow of large amounts of capital, but the market as a whole is still in a consolidation phase. It is crucial to monitor the long-term impact of regulatory policies on stablecoin liquidity.

02Flow of exchange stablecoins

On 2026-07-10, on-chain funds showed clear signs of institutional-driven reallocation. Asset management giants are accelerating their integration into crypto infrastructure, with large-scale migrations of Mantle assets indicating a shift of funds from traditional storage solutions to compliant and cross-chain infrastructure. In the derivatives market, Whale behavior revealed strong directional preferences—one address transferred 20.32 million USDC to Hyperliquid to build a substantial long position at an average price of $1,480. Another Whale address, 9527.eth, created a stock contract position with a total exposure of $4.27 million by combining a 5x long position with a 10x short position, currently holding an unrealized profit of $62,200. Additionally, Tether minted $1 billion in USDT in its Treasury account to inject liquidity into the market, though the specific flow of these funds remains to be further verified on-chain. Overall, institutional funds are deploying through compliant channels and highly leveraged derivatives, while retail investor movements remain relatively hidden. Market sentiment stays in a neutral range of 49/100.

03Changes in on-chain liquidity

04Changes in On-Chain Liquidity

Liquidity in the stablecoin market shows significant disparities. FDUSD leads with a liquidity score of 72, followed closely by USDT (63), while DAI has a much lower liquidity score of 28, indicating relatively weak on-chain trading depth.

In terms of trading pair depth and arbitrage, USDT and USDC maintain a duopoly due to network effects. Ark Invest points out that exchanges prioritize liquidity over meager interest rates, making it difficult for emerging stablecoins like OUSD to disrupt the existing landscape. Meanwhile, large amounts of capital have flowed into the Hyperliquid platform—whales transferred 20.32 million USDC between July 10th and 11th to build long positions in SKHX, while another account deposited 1 million USDC for contract hedging—indicating that stablecoins are accelerating their shift to high-performance DEXs to seize trading opportunities. Ethena also announced on July 10th that registered users can mint USDe using USDC at zero cost, aiming to optimize market liquidity and improve operational convenience.

05Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-10

Operational Recommendations

• Liquidity Protection: Addressing Liquidity Disruptions Caused by Compliance Issues Given that Revolut has announced it will stop providing USDT services to users in the European Economic Area and Switzerland by August 31, 2026, and Circle faces criminal charges for refusing to freeze its assets, leading to regulatory tensions, the availability of stablecoins varies across different jurisdictions.

  • Triggers: If there is a significant decline in the 24h trading volume of USDT on major exchanges (currently $40.4B), or if the price difference between USDC and USDT widens to over 0.1%.
  • Action Plan: Within this week, for funds involved in cross-border payments or European-based transactions, convert a portion of USDT into USDC to avoid risks associated with regional removals from exchanges. For purely on-chain DeFi use cases, maintain the current USDT holdings but increase monitoring of on-chain liquidity.

• Sentiment Hedging: Adjusting Positions Using Whale Activity and Sentiment Divergences Although the market sentiment index is at a neutral level (49/100), there are signs of divergence, such as a 60-point surge in whale activity on the blockchain and a sharp shift toward bullish sentiment among KOLs (bull-bear gap of +85.0 percentage points), alongside Tether minting $1 billion worth of USDT to inject liquidity.

  • Triggers: If whale activity remains high while the BTC dominance rate (currently 56.3%) does not increase significantly, or if the market sentiment index drops below 40 after whales enter the market.
  • Action Plan: Over the next 2 weeks, if there is a divergence of “whales buying while sentiment cools down,” gradually build positions in high-quality assets. If sentiment soars but trading volume does not increase accordingly (with global 24h trading volume at $62.3B as a benchmark), take defensive measures to avoid buying at high prices.

• Security and Risk Control: Preventing Authorization Scams and Platform-Specific Risks In 2025, fraud losses exceeded $10 billion, with traders suffering millions in losses due to phishing-based authorization requests. Additionally, the Gate platform experienced $1.7 million in thefts and a daily net outflow of over $86.58 million.

  • Triggers: If an individual wallet receives unauthorized smart contract interaction requests, or if a holding exchange experiences a daily net outflow exceeding 10% of its average daily trading volume.
  • Action Plan: This month, strictly adhere to the principle of “least privilege authorization” and regularly revoke permissions for unused contracts. If a holding exchange experiences abnormal capital outflows similar to those at Gate, immediately transfer large amounts of assets to cold wallets or platforms with higher liquidity ratings (such as USDT, which has a liquidity rating of 63) to avoid risks related to single-point failures.

Key Risk Warnings

1. Regulatory Compliance Risks: Stricter regulations under the EU’s MiCA framework may lead to the gradual withdrawal of USDT from European markets, potentially causing regional liquidity shortages and price disconnections. Warning trigger: If USDT is removed from major European exchanges or its trading pairs are suspended.

2. Legal and Freezing Risks: Circle is facing criminal charges for refusing to cooperate with law enforcement in freezing its assets, which could lead to more stringent oversight by regulators targeting stablecoin issuers. Warning trigger: If the U.S. Department of Justice or state prosecutors file formal lawsuits or asset freeze orders against Circle or Tether.

3. Smart Contract and Fraud Risks: Phishing-based authorization attacks are becoming increasingly common, resulting in massive fraud losses in 2025, putting users’ assets at direct risk of theft. Warning trigger: If popular wallets like MetaMask fail to update their security patches, or if new types of bulk authorization vulnerabilities are discovered.

06Related Reads

1. “Tether突增10亿美元USDT发行，加密货币流动性再度面临考验”
2. “1840亿美元的稳定币为何被迫退出欧洲？”
3. “拒绝冻结资产反遭刑事指控，稳定币合规危机爆发”
4. “2.6万亿美元的支付领域：PayPal借助PYUSD实现突破”
5. “一只Whale在Hyperliquid买入价值2280万美元的SKHX”
6. “9527.eth在Hyperliquid建立了价值427万美元的股票合约头寸”
7. “150家联盟难以打破双寡头格局：为何币安放弃利息差策略？”
8. “Ethena的注册用户可免费用USDC铸造并兑换USDe”
9. “授权即可能招致损失：交易员百万美元资金被盗，2025年诈骗金额超百亿美元”
10. “170万美元资产神秘消失：是活体验证失效还是内部人员作案？”