Daily Report on Liquidity on Stablecoin Chains (Issue 6 · Week 28, 2026)

01Overview of Stablecoin Supply

July 12, 2026, serves as the data benchmark date. The current stablecoin market is characterized by a decline in overall volume alongside divergent levels of activity across different chains. The current price of USDT is $0.9993, with a 24-hour trading volume of $29.4B; USDC’s current price is $0.9998, with a 24-hour trading volume of $7.4B; DAI’s current price is $0.9996, with a 24-hour trading volume of $149.7M; FDUSD’s current price is $0.9974, with a 24-hour trading volume of $17.6M. Although the combined supply of USDT and USDC has decreased by approximately $13.9 billion, the supply of USDT on the Tron chain has actually increased to $90.3 billion. The trading volume on this chain in the first half of the year reached nearly $8.82 trillion, indicating strong demand for stablecoins on specific public blockchains.

On the issuance and reserve front, Circle has minted an additional 500 million USDC tokens on the Solana chain. As of 2026, the total amount of USDC minted on this chain has reached 67.51 billion tokens, reflecting the ongoing appetite of the Solana ecosystem for dollar-pegged stablecoins. Meanwhile, although Circle holds a Federal Trust license, it is only authorized to provide custody services and cannot currently accept deposits or offer loans. Its reserve management capabilities are not yet fully developed, which could affect the future expansion pace of USDC.

In terms of capital flow, large amounts of stablecoins are being rapidly converted into crypto asset holdings. Monitoring shows that after receiving 25.1 million USDT, one Whale address purchased 14,007 ETH at an average price of $1,798, indicating that stablecoins are being actively used as a medium for building positions in market downturns. Additionally, HTX offers the highest annualized returns for small amounts of USDT and USDC, while returns for larger amounts tend to be lower. This tiered return strategy may encourage retail investors to keep their funds on exchanges, while institutional investors prefer to conduct operations on-chain or transfer funds across chains.

Overall, despite a decline in the total supply of stablecoins at the macro level, actual on-chain transactions and activity in certain ecosystems such as Solana and Tron have not declined accordingly. Instead, there is a trend of capital flowing toward highly liquid public blockchains and high-quality assets like ETH.

02Flow of exchange stablecoins

On 2026-07-12, activities involving large-scale Whale holders on the blockchain showed a significant net inflow trend. On 2026-07-11, after acquiring 25.1 million USDT, a specific Whale address quickly purchased 14,007 ETH at an average price of $1,798. This transaction indicated that large amounts of stablecoins were being rapidly converted into spot Ethereum holdings, reflecting institutional investors’ intention to accumulate positions during periods of ETH consolidation. Although comprehensive market liquidation data is unavailable, such individual purchases exceeding $25 million suggest that high-net-worth investors are taking advantage of market fluctuations to make strategic investments, differing from the trading patterns of retail investors.

03Changes in on-chain liquidity

04Changes in On-Chain Liquidity

In 2026, security incidents surged in the DeFi sector, with Bonzo Lend experiencing a sharp 39% drop in TVL due to vulnerabilities in its oracle system. The stablecoin market showed significant divergence: the combined supply of USDT and USDC decreased by approximately $13.9 billion, whereas the supply of USDT on the Tron chain increased to $90.3 billion despite the overall trend, with trading volume reaching nearly $8.82 trillion in the first half of the year. Circle issued a total of 67.51 billion USDC tokens on the Solana chain, recently minting 500 million tokens at once.

Regarding LP yields, HTX offered the highest annualized returns for small denominations of USDT and USDC, while yields for larger denominations generally declined. The depth of major trading pairs was significantly influenced by Whale activities—one address purchased 14,007 ETH at an average price of $1,798, indicating that large amounts of stablecoins were being rapidly converted into Ethereum holdings. In terms of arbitrage opportunities, the current prices are FDUSD at 0.9974, USDC at 0.9998, USDT at 0.9993, and DAI at 0.9996, showing slight price differences among these stablecoins.

05Operation suggestions

Operational Recommendations

• Liquidity Tiering Strategy: Adjust Stablecoin Holdings Moderately This Week
  Given that HTX offers the highest annualized returns in the low-amount tiers for USDT and USDC, while returns in higher tiers tend to decline, investors are advised to optimize their source of returns based on their capital size. Those holding idle stablecoins can allocate smaller amounts in batches to higher-yield tiers to boost cash flow. For those with larger funds, considering the downward trend in returns, it is recommended to adopt a more cautious approach, avoiding the temptation of pursuing high interest rates from a single platform, and prioritizing capital safety and liquidity.

• Monitoring On-Chain Activity: Pay Attention to Whale Movements and Sentiment Trends in the Next 2 Weeks
  The market sentiment index saw a surge of 36.0 points, rising from 14.2 to 50.1, accompanied by a sharp increase of 60 points in whale on-chain activity. It is advisable to closely monitor large-scale on-chain transactions. If whale activity remains high and the sentiment index experiences another significant fluctuation (e.g., a daily change of over 15 points), this could signal a potential turning point in the market. At such times, it is not advisable to chase prices blindly; instead, wait for a clearer price direction before considering adding or reducing positions, using whale funding flows as an auxiliary decision-making tool.

• Compliance Risk Avoidance: Review USDC Reserves and Custody Mechanisms This Month
  Although Circle holds a federal trust license, it is only authorized for custody services and cannot currently accept deposits or provide loans. Considering the IMF’s warnings about the potential for stablecoins to trigger currency run risks, investors are advised to reassess their long-term reliance on USDC. If regulatory policies tighten further or Circle’s reserve management capabilities fail to improve as expected, investors should gradually reduce the proportion of USDC in their total assets and diversify into other stablecoins with stronger compliance records or more transparent reserves to avoid potential compliance and liquidity risks.

Risk Warnings

• Risk of Sudden Regulatory Changes: An IMF report warns that stablecoins could undermine the effectiveness of monetary policy and lead to selling pressure on local currencies. If major economies introduce stricter regulations on stablecoins, it may put mainstream stablecoins like USDC under redemption pressure or trading restrictions, potentially causing price disconnection or liquidity crises.

• Risk of Extreme Market Sentiment Fluctuations: The market sentiment index has experienced multiple sharp swings recently, such as a sudden drop from 51.8 to 36.2. Such high volatility can result in forced liquidations of algorithmic trades or leveraged positions, triggering chain reactions. If the sentiment index sees another daily fluctuation of over 15 points, caution is needed regarding irrational selling or speculation that could distort prices.

• Platform Compliance and Operational Risks: Although Circle holds a license, its functions are limited, and security incidents have occurred frequently in the DeFi sector recently. If major stablecoin issuers or trading platforms have compliance issues or technical vulnerabilities, it could lead to frozen or lost user assets. It is recommended to regularly review the compliance status and security records of the platforms used, avoiding the concentration of large amounts of assets in a single high-risk platform.

06Related Reads

1. “Total Stablecoin Supply Drops by $13.9 Billion; Tron Chain’s USDT Reaches New High”
2. “Circle Mints Another 500 Million USDC on Solana”
3. “Circle Gets Federal Trust License: Can Hold Assets but Lacks Lending Rights”
4. “Whale Buys 14,000 ETH After Obtaining 25.1 Million USDT”
5. “HTX USDT’s Small-Amount Yield Reaches 10%, Outperforming Competitors”
6. “A Few Dollars as Collateral to Borrow $9 Million: Another DeFi Oracle Vulnerability Exposed”
7. “Circle Issues 500 Million USDC on Solana Chain; Total for the Year Hits 67.51 Billion”
8. “Bitget Launches Spot Trading for SK Hynix rSKHY”
9. “IMF Warns: While Stablecoins Facilitate Currency Exchange, They May Trigger Currency Runs”