Daily Report on Liquidity on Stablecoin Chains (Issue 5 · Week 28, 2026)

01Overview of Stablecoin Supply

July 11, 2026, serves as the data benchmark date. The current stablecoin market exhibits significant liquidity disparities and shifts in institutional behavior. USDT remains stable at a price of $1.00, with a 24-hour trading volume of $41.7B and a market value of $184B. Its liquidity level has now surpassed that of Ethereum, indicating that users’ primary focus is on permissionless dollar transfers rather than the underlying network’s value. USDC also holds a price of $1.00, with a 24-hour trading volume of $11.3B and a market value of $73B; it mainly functions as a settlement tool in DeFi, forming a complementary payment system alongside USDT.

In terms of capital flows, Binance experienced substantial net outflows of USDT, amounting to $913 million within 24 hours, as funds accelerated their transition to blockchain platforms. Meanwhile, the U.S. Treasury minted $250 million in USDC on the Solana chain—a large-scale operation that signals direct allocation of traditional sovereign assets to on-chain dollar assets. Whale activity surged significantly, with one address depositing 4.2 million USDC into Hyperliquid to purchase ETH in installments, indicating that large amounts of capital are entering risk assets through stablecoins. Although the market sentiment index is at a “fear” level (40/100), the frequent trading of stablecoins and large-scale minting by institutions suggest that liquidity has not dried up but is instead being reallocated to DeFi protocols and spot markets with higher potential returns.

02Flow of exchange stablecoins

On July 11, 2026, a series of lawsuits related to blockchain activities led to the withdrawal of cases involving 44 Bitcoin wallets. Amidst controversies over mining bans, Whale investors showed a strong tendency to wait and observe before making decisions regarding their holdings. There was significant divergence in the movements of institutional funds: Abraxas Capital injected $140 million into Spark in the form of a multi-asset portfolio including ETH and cbBTC, reflecting institutions’ continued commitment to high-return DeFi strategies. Meanwhile, the anonymous address 0x2684 withdrew over $73 million from Binance within ten days. This address deposited funds into Hyperliquid to purchase Ethereum in batches, closed out losing HYPE positions, and then operated with 10x leverage, sparking bullish expectations among institutions. Another Whale address deposited $4.2 million in USDC into Hyperliquid and initiated a TWAP order worth approximately $4.37 million to buy 2,432 ETH, with 43% already completed, indicating that large amounts of capital are gradually building positions through algorithmic trading. Although there was a significant net outflow of USDT from Binance, amounting to $913 million within 24 hours as funds flowed outside the exchange, there was also notable short-term inflow, with a net inflow of $39.4191 million within one hour, resulting in fluctuations in market liquidity. Overall, institutional funds are shifting from centralized exchanges to decentralized platforms and lending protocols in search of higher returns and better execution efficiency.

03Changes in on-chain liquidity

USDT’s liquidity score of 67 is significantly higher than that of USDC at 52 and DAI at 29, reinforcing its core role in both payment systems and DeFi applications. USDT’s market capitalization once surpassed that of ETH, indicating that users prioritize permissionless dollar transfers over the network value or scale of stablecoins. Despite attempts by the OUSD consortium to introduce profit-sharing mechanisms, USDT’s dominance remains unshaken due to its strong liquidity advantages and user preferences.

Capital flows in exchanges have shown extreme volatility. Binance experienced a net outflow of $913 million in USDT within 24 hours, with substantial funds moving onto the blockchain. At the same time, Binance saw a short-term net inflow of $13,941,910 in just one hour, reflecting frequent fluctuations in market liquidity. On the institutional side, Abraxas Capital injected $140 million worth of multi-asset portfolios into Spark, including ETH and cbBTC, demonstrating continued confidence in high-return DeFi strategies.

Large-scale transactions on the blockchain remain active. The U.S. Treasury minted $250 million in USDC on the Solana network, representing a sizable single transaction. A Whale deposited $4.2 million in USDC into Hyperliquid and initiated a TWAP buy order worth approximately $4.37 million to acquire 2,432 ETH, with 43% already completed, suggesting that large funds are using algorithmic trading to spread out transaction costs. In the derivatives market, Bitget launched SKHYUSDT perpetual contracts, offering up to 20x leverage.

04Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-11

Operational Recommendations

1. Liquidity Defense: Countering Outflows from Exchanges

   • Key Metrics: Binance saw a net outflow of $913 million in USDT within 24 hours, with the market sentiment index sitting at 40/100—indicating a fearful mood.
   • Action Plan: If major exchanges like Binance experience a net USDT outflow of over $500 million for two consecutive days, coupled with a more than 10% decline in 24-hour USDT trading volume (currently $41.7B), it is recommended to adopt a moderate defensive strategy by converting positions in highly volatile assets into on-chain stablecoins or spot assets to avoid slippage risks caused by liquidity shortages.
   • Timeframe: This week

2. Event-Driven Risks: Monitoring Liquidity Crises Due to Regulatory Issues

   • Key Metrics: AscendEX ceased operations on July 1 due to lack of MiCA approval and funding failures, leading to withdrawal issues for users; meanwhile, Whale activity on relevant chains increased by 46–60 points.
   • Action Plan: If other top exchanges or DeFi protocols issue similar announcements related to regulatory non-compliance or funding problems, and the liquidity depth of stablecoins associated with those protocols (such as USDC/USDT) on specific chains drops by more than 20% within 1 hour, it is advised to gradually reduce holdings in these assets and transfer them to mainstream platforms with higher liquidity ratings (e.g., USDT has a liquidity rating of 67).
   • Timeframe: Next 2 weeks

3. Sentiment Strategy: Building Positions in Phases Using KOL Consensus Shifts

   • Key Metrics: KOL consensus has shifted sharply toward bullish sentiment, with the bullish-bear gap increasing by 85.0 percentage points (current ratio: 70% bullish / 15% bearish), yet the overall market remains in a fearful state.
   • Action Plan: If the market sentiment index rises above 50 points (neutral range) from the current 40 points, and KOL bullish consensus stays above 65%, it is possible to build positions in phases in stablecoin ecosystem projects or underlying blockchains with high fundamental ratings (e.g., USDT has a fundamental rating of 64), taking advantage of the liquidity premium brought about by improving market sentiment.
   • Timeframe: This month

Key Risk Warnings

1. Regulatory Compliance Risks: The implementation of MiCA has led to the shutdown of some platforms like AscendEX. If more platforms suspend services due to compliance issues, it could trigger localized liquidity crises.

   • Trigger: Announcements of new platforms halting withdrawal or trading services for regulatory reasons.

2. Liquidity Mismatch Risks: USDT and USDC serve distinct roles in payments and DeFi applications respectively. If there are large-scale redemptions in one of these areas (e.g., DeFi settlements), it may result in an immediate shortage of liquidity for the corresponding stablecoin.

   • Trigger: A single stablecoin sees a daily net outflow from major DeFi protocols exceeding 5% of its total market value.

3. Whale Manipulation Risks: Sudden increases in Whale activity on certain chains may indicate large-scale capital inflows or outflows, leading to severe price fluctuations.

   • Trigger: Detection of single cross-chain transfers of stablecoins worth over $100 million or large-scale contract openings.

05Related Reads

1. “USDT的市值超越以太坊：用户更青睐链上美元，公链价值被误判”
2. “日活跃用户状况分化与行业巨头战略转向：USDT用于支付，USDC用于结算，Strategy打破常规”
3. “Binance 24小时内USDT净流出额达9.13亿美元”
4. “美国财政部在Solana上铸造了2.5亿美元的USDC”
5. “某大型Whale向Hyperliquid存入420万USDC，准备买入ETH”
6. “伦敦的资产管理机构投入1.4亿美元：机构在DeFi领域的借贷新动态”
7. “VIRTUAL价格突破0.63 USDT，24小时内涨幅达18.83%”
8. “Binance一小时内净流入3941.91万美元”
9. “日活跃用户规模达万亿，却拒绝分享利润：为何OUSD联盟难以动摇USDT的霸主地位？”
10. “Bitget推出SKHYUSDT永续合约，最高杠杆可达20倍”
11. “MiCA法规生效当日市场崩盘：融资中断引发流动性危机”