Daily Report on Liquidity on Stablecoin Chains (Issue 12 · Week 29, 2026)

01Overview of Stablecoin Supply

With July 19, 2026, as the data benchmark date, the stablecoin market has shown characteristics of overall expansion and structural differentiation, driven both by clearer regulatory frameworks and the return of institutional capital.

1. Total Supply and Regulatory Drivers The total scale of stablecoins has reached $310 billion. Federal regulatory laws signed by Trump have established compliance standards for the industry. The implementation of these policies has accelerated the commercial development of major players, while startups face survival challenges due to banking scrutiny and funding requirements. Circle received approval from the OCC on July 10 to establish a federal trust bank, further strengthening the institutional status of USDC. Although traditional lenders warn that stablecoins could draw away deposits and result in credit losses ranging from $65 billion to $1.26 trillion, demand for compliant stablecoins among institutions continues to rise.

2. Performance of Major Stablecoins USDT remains stable at a price of $0.9993, with a 24-hour trading volume of $23.5B and a market value of $184B, giving it a dominant position in the market. USDC is trading at $0.9999, with a 24-hour trading volume of $4.5B and a market value of $73B; its strong liquidity is attributed to favorable regulatory conditions. DAI is trading at $0.9998, with a 24-hour trading volume of $69.2M and a market value of $5B, showing stable performance. FDUSD is trading at $0.9974, with a 24-hour trading volume of $12.4M and a market value of $346M, indicating a relatively smaller scale.

3. On-Chain Issuance and Liquidity Distribution The cumulative issuance of USDC on the Solana chain has exceeded $70.26 billion. Circle recently issued an additional 250 million USDC tokens, highlighting the activity of this chain in stablecoin issuance. In contrast, South Korea’s Bithumb suspended withdrawals of USDT on the Tron network on July 18. Although this was for routine maintenance, it temporarily affected the arbitrage and transfer efficiency of that network.

4. Market Sentiment and Capital Flow The market sentiment index is at a neutral level (45/100), but the on-chain activity of Whales has increased by 46–60 points, suggesting that large amounts of capital are being deployed. Bitcoin ETFs have seen net inflows of over $360 million for three consecutive days, with BlackRock’s IBIT seeing a single-day net inflow of $136.5 million, indicating strong institutional capital returning to the crypto market. Although this capital flow is primarily directed toward BTC, it also indirectly increases the demand for stablecoins as transaction mediums.

In summary, as of July 19, 2026, the stablecoin market features overall growth, compliance-driven differentiation, and high on-chain activity. Clearer regulations benefit leading compliant projects, while increasing on-chain issuance reflects the sustained strong demand for stablecoins within the DeFi ecosystem.

02Flow of exchange stablecoins

On 2026-07-19, the movements of large-scale Whales on the blockchain showed a pattern of simultaneous portfolio adjustments by institutional investors and strategic deployments in derivatives. MicroStrategy sold 3,588 BTC on 07-18 to bolster its reserves, indicating that leading institutions are managing liquidity at higher price levels. Meanwhile, Deribit saw bullish spread bets in response to BTC reaching $72,000 in July, suggesting that some funds are using derivative instruments to express bullish expectations. Although there is currently no data available on key on-chain indicators such as exchange net inflows and large-value transfers, given the macro backdrop of BlackRock’s IBIT seeing a daily net inflow of $136.5 million and total ETF net inflows across the market exceeding $11 billion, institutional capital continues to flow back into the crypto market through compliant channels.

03Changes in on-chain liquidity

The TVL of major public chains shows a divergent trend. Ethereum remains at the top with a TVL of $40.96B, recording a 3.8% increase over the past 7 days. The Bitcoin ecosystem exhibits strong growth momentum, with a TVL of $4.23B and a surge of 19.6% in seven days. Monad also performs well, boasting a TVL of $697M and a dramatic 35.9% rise over the same period. Solana has a TVL of $4.85B, along with a DEX depth of $1367M, indicating significant liquidity advantages. BSC boasts a TVL of $4.93B and a DEX depth of $685M, but it experienced a slight 0.4% decline over the 7 days. Base has a TVL of $4.58B, with a 2.9% increase over 7 days, and its DEX depth is $435M. Although Tron has a TVL of $4.77B, its DEX depth is only $43M, suggesting relatively weak liquidity. Hyperliquid’s TVL is $1.28B, dropping by 9.7% over 7 days, indicating considerable pressure from capital outflows. Polygon’s TVL is $934M, showing a 3.6% decline over the same period. In terms of stablecoins, USDT is trading at $0.9993, USDC at $0.9999, FDUSD at $0.9974, and DAI at $0.9998. The prices of these currencies remain stable with minimal deviations, leaving little room for arbitrage. Circle obtained a Federal Trust license on July 10, accelerating the institutionalization of USDC. The total supply of USDC on the Solana network has exceeded $70.26 billion, reflecting strong demand for stablecoins on this chain. Bithumb suspended withdrawals of Tron-based USDT on July 18, which could temporarily affect the arbitrage efficiency on the Tron network. Overall, Ethereum and Solana continue to be the hubs of liquidity, while emerging chains like Monad and the Bitcoin ecosystem are growing rapidly. Meanwhile, some established public chains such as Polygon and Hyperliquid are facing pressure due to capital withdrawal trends.

04Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-19

Operational Recommendations

1. Liquidity Diversification and Cross-Chain Arbitrage Strategy (This Week) Given that the 24h trading volume of USDT is as high as $23.5B, while that of DAI is only $69.2M, there is a significant disparity in liquidity depth between the two. If specific networks such as Tezos experience sudden withdrawal suspensions similar to what happened at Bithumb on July 18, leading to delays or failures in cross-chain transfers, it is recommended to immediately halt automated arbitrage strategies reliant on these chains. Additionally, some of the USDT reserves should be diversified into USDC or other highly liquid stablecoins to mitigate risks associated with congestion in any single network.

2. Capturing Institutional Compliance Premiums (Next 2 Weeks) With Trump signing legislation to establish a federal regulatory framework, the total value of stablecoins has reached $310 billion, making compliance a key source of premium pricing. If leading issuers like Circle release further positive signals regarding compliance, driving up demand for USDC among institutions, investors are advised to monitor changes in the liquidity premium of USDC relative to USDT. If the bid-ask spread of USDC on major exchanges narrows and its depth increases, investors can consider increasing their allocation of USDC in their portfolios to benefit from these compliance-driven advantages. However, they should also be cautious of startup projects facing survival challenges due to compliance requirements.

3. Defensive Position Adjustments During Extreme Market Sentiment Reversals (This Month) The current market sentiment index stands at 45/100 (neutral), but recent warnings indicate a sharp rise of 60 points in Whale activity on the blockchain, along with a surge of 36.0 points in the sentiment index. If the market sentiment index rapidly rebounds from levels indicating fear (such as 36.2) back to neutral or greed levels within a short period, accompanied by continuous net inflows from Whales, it is advisable to adopt a moderately defensive stance and avoid chasing rising prices. If the sentiment index drops sharply by more than 15 points again, it should be viewed as a short-term panic signal, prompting gradual reduction of holdings in high-risk non-stablecoin assets and increased allocation to USDT or USDC to maintain liquidity.

Risk Warnings

1. Risk of Regulatory Policies Not Being Implemented as Expected Although a federal regulatory framework has been established, emerging stablecoin projects still face stringent bank audits and funding requirements. If subsequent detailed implementation rules prove too harsh on smaller issuers, it could lead to a depletion of liquidity in certain stablecoins or even their withdrawal from circulation, triggering localized market fluctuations. Warning trigger: If major stablecoin issuers announce large-scale redemptions or service suspensions.

2. Risk of Exchange Operations Being Disrupted South Korean exchange Bithumb suspended USDT withdrawals on Tezos on July 18, which, although part of routine maintenance, highlights the uncertainties in exchange operations. If other major exchanges follow suit or encounter technical failures, it could result in temporary locking of users’ funds, affecting arbitrage and transfer efficiency. Warning trigger: If major exchanges issue withdrawal suspension notices for more than 24 hours consecutively.

3. Risk of Credit Contraction in the Banking System Lending institutions warn that stablecoins could draw away deposits, potentially causing credit losses ranging from $65 billion to $1.26 trillion. If traditional banking systems tighten their lending policies due to the expansion of stablecoins, it could indirectly impact the fiat-on-ramp channels for the crypto market. Warning trigger: If major banks announce restrictions on services related to stablecoins or raise compliance costs.

05Related Reads

1. “Stablecoin Market Value Exceeds $310 Billion: Giants Take the Lead while Startups Struggle with Compliance Issues”
2. “Circle Gets Federal Trust License; Banks Warn of Potential Trillion-Dollar Outflow Due to Stablecoins”
3. “A Total of $70.26 Billion in USDC Has Been Issued on the Solana Network”
4. “Bithumb Suddenly Halts Withdrawals of TRON USDT; Users Urged to Take Immediate Action”