Daily Report on Liquidity on Stablecoin Chains (Issue 7 · Week 29, 2026)

01Overview of Stablecoin Supply

July 13, 2026, serves as the data benchmark date. The stablecoin market as a whole has shown a trend of contraction and correction, with its total market value declining by $10 billion compared to its peak in May 2025. In June alone, the market dropped by $7.7 billion, marking the largest decline since the Terra-Luna crisis. The prices of major stablecoins remained stable: USDT is currently trading at $0.9993 with a 24-hour trading volume of $29.1B; USDC is at $0.9998 with a 24-hour trading volume of $6.2B; DAI is at $0.9998 with a 24-hour trading volume of $94.9M; and FDUSD is at $0.9969 with a 24-hour trading volume of $16.4M. Although the market sentiment index remains in a neutral range (48/100), the significant reduction in the supply of stablecoins indicates a shift in funds from stablecoins to other assets or an exit from the market. Analysts regard this as a normal correction within a long-term trend rather than a systemic crisis. On the regulatory front, Circle’s approval by the OCC to establish a national trust bank signals that the focus of competition in the stablecoin sector is shifting from issuance volume to infrastructure for custody and settlement under federal oversight.

02Flow of exchange stablecoins

On 2026-07-13, on-chain data showed that institutional funds continued to flow into core assets. Listed companies acquired a staggering 110,000 BTC in just one quarter, signaling an incoming wave of supply pressure as institutional holdings kept rising. Regarding the flow of stablecoins, two related addresses spent 11.59 million DAI on 07-12 to buy 6,358 ETH at an average price of $1,823 per coin. On-chain analysts suspect these funds originated from hacking activities. This behavior indicates that some off-exchange capital is rebuilding its positions through stablecoin exchanges. Although market sentiment remains neutral, the substantial consumption of stablecoins suggests that certain addresses are actively accumulating assets at lower prices.

03Changes in on-chain liquidity

04Changes in On-Chain Liquidity

Ethereum leads with a TVL of $39.67B, while DEX liquidity amounts to $676M, showing a slight 0.8% decline over 7 days. Solana’s DEX liquidity reaches $1180M, the highest among all chains, but its TVL dropped by 5.3% over 7 days to $4.84B, indicating increased volatility in funds. BSC’s DEX liquidity is $1033M, with its TVL falling by 1.6% over 7 days. Base maintains stable performance, with its TVL rising by 0.8% over 7 days to $4.44B, and its DEX liquidity at $460M. Monad has seen rapid growth, with its TVL surging by 14.4% over 7 days to $536M, and its DEX liquidity at $30M. Although Tron’s DEX liquidity is only $23M, its TVL increased by 1.5% over 7 days to $4.80B, with stablecoin reserves reaching as high as $91.2B.

The stablecoin market is under pressure, with its total market value declining by $10 billion from its peak in May 2025. Both USDT and USDC have experienced similar declines. The total loss in June amounted to $7.7 billion, marking the biggest drop since the Terra-Luna crisis. The current prices are USDT at $0.9993, USDC at $0.9998, FDUSD at $0.9969, and DAI at $0.9998. Uniswap generates approximately $5.2 million in daily transaction fees, reflecting high trading activity on mainstream DEXs. Large-scale arbitrage and position-building activities have occurred on the chain; two hacker addresses used 11.718 million DAI to purchase 6,454.7 ETH at an average price of $1,823 per ETH. In terms of regulation, Circle has received approval from the OCC to establish a national trust bank, shifting the competition in the stablecoin sector toward control over infrastructure. Thailand’s central bank has tightened compliance checks on stablecoins and is working with the SEC to audit USDT.

05Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-13

Operational Recommendations

1. Liquidity Allocation: Shift Slightly Toward Highly Liquid Major Stablecoins

   • Key Data: USDT’s 24h trading volume reached $29.1B, compared to $6.2B for USDC and only $94.9M for DAI.
   • Triggers and Actions: If the market sentiment index remains in the neutral range of 48/100 and Whale activity stays high, it is recommended to gradually transfer positions held in less liquid stablecoins (such as DAI and FDUSD) to USDT or USDC.
   • Timeframe: Complete the optimization of major positions within this week to mitigate potential impacts from large-scale capital inflows and outflows.

2. Compliance Risk Mitigation: Avoid Assets in Jurisdictions with High Regulatory Uncertainty

   • Key Data: On 07-13, the Bank of Thailand required proof of origin for deposits over 5 million Thai baht and collaborated with the SEC to audit USDT; Pakistan’s regulatory authorities emphasized that stablecoins need to undergo Sharia-compliant evaluations.
   • Triggers and Actions: If there are delays or freezes in large-scale on-chain transfers involving these regions, immediately suspend USDT transactions for related addresses and take defensive measures by moving funds to on-chain environments with clearer compliance frameworks (such as assets related to Circle’s ecosystem that have received OCC approval).
   • Timeframe: Closely monitor on-chain compliance developments over the next 2 weeks.

3. Counter-Trend Investing Based on Sentiment: Build Positions in Phases During Panic

   • Key Data: The market sentiment index dropped sharply to 36.2 (fear) before rebounding to 50.1 (neutral), while Whale activity on the chain increased by 60 points.
   • Triggers and Actions: If the sentiment index falls below 40 again, accompanied by signs of large purchases by Whale addresses (such as a surge in DAI consumption), consider building positions in mainstream assets in phases. It is strictly prohibited to buy at high prices when the sentiment index exceeds 55.
   • Timeframe: Execute actions according to sentiment fluctuations throughout this month.

Risk Warnings

1. Liquidity Crunch Risk Caused by Declining Market Value

   • Warning Signs: If the total market value of stablecoins drops by $10 billion from its peak—representing the largest decline since Terra-Luna—be alert to systemic liquidity shortages. Also, watch out if USDT or USDC loses its peg by more than 0.5% alongside abnormally high 24h trading volumes.

2. Compliance Risks Due to Sudden Regulatory Changes

   • Warning Signs: Strengthened compliance audits for stablecoins in countries like Thailand and Pakistan. If major exchanges announce the suspension of stablecoin withdrawal services for users in certain jurisdictions, immediately assess the exposure of your holdings.

3. Risks from Whale Manipulation and Hacker Funds

   • Warning Signs: A sudden 60-point increase in Whale activity, along with suspected hacker addresses using 11.718 million DAI to purchase ETH. If similar abnormal large-scale stablecoin exchange activities occur on the chain, be cautious of sharp short-term price swings and avoid frequent trading around such events.

06Related Reads

1. “Stablecoins Lose $10 Billion in One Month, Worst Drop Since Terra-Luna Crisis”
2. “Circle Gets Federal Trust License: Stablecoin Competition Shifts from Issuance to Infrastructure Control”
3. “Suspected Hacker Funds Used to Buy 6,358 ETH”
4. “Stablecoin Market Value Drops by $7.7 Billion in One Month, Worst Decline Since Terra Crisis”
5. “Uniswap Generates Around $5.2 Million in Daily Fee Revenue”
6. “Two Hacker Addresses Spend 11.718 Million DAI to Buy 6,454.7 ETH”
7. “Thai Banks Demand Proof of Origin for Deposits Over 5 Million Thai Baht”
8. “Saudi Regulatory Body Says Stablecoins and RWA Need Separate Shariah Assessments”
9. “ETH Price Falls Below $1,800, Down 1.23% in 24 Hours”