Daily Report on Liquidity on Stablecoin Chains (Issue 11 · Week 29, 2026)

01Overview of Stablecoin Supply

July 18, 2026, serves as the data benchmark date. The stablecoin market remains highly liquid overall, with USDT holding an absolute dominant position at a current price of $0.9993 and a 24-hour trading volume of $41.2B. USDC has a current price of $0.9999 and a 24-hour trading volume of $10.4B; together, these two assets account for the vast majority of the market’s trading depth. DAI currently trades at $0.9998 with a 24-hour trading volume of $170.7M, while FDUSD trades at $0.997 with a 24-hour trading volume of $128.7M, performing steadily as supplementary liquidity tools.

In terms of capital flows, Binance recorded a net inflow of $277 million in USDT on July 17, indicating that stablecoin funds are concentrating in leading exchanges. However, on the same day, Binance also experienced a net outflow of $13.34637 million in USDT within just one hour, suggesting frequent shifts and short-term withdrawals of funds between platforms. This rapid alternation between inflows and outflows reflects cautious trading in a market with a neutral sentiment score of 48/100.

Regulatory and compliance issues are having a structural impact on the stablecoin ecosystem. Although Tether holds nearly $310 billion in market share, due to compliance controversies, European platforms such as Revolut have set an August 31 deadline. In response to regulatory pressures, OKX’s European version has launched a USDT-to-USDC conversion feature. Meanwhile, Visa has introduced its enterprise-level platform VSP, which integrates assets like OUSD to serve 15,000 institutions. By adopting a consortium model, it gains control over the upstream parts of the industry chain, further solidifying the infrastructure role of compliant stablecoins. In terms of public chain activity, Ethereum leads with a Total Value Locked of $40.68B and a daily DEX trading volume of $1.13B, followed closely by Solana with a daily DEX trading volume of $1.43B, indicating continued active usage of multi-chain stablecoins.

02Flow of exchange stablecoins

On 2026-07-18, Whales slightly increased their BTC holdings at key support levels, but overall large-scale transaction activity on the blockchain declined significantly. Institutional funds showed a clear trend of concentration, with Binance recording a net inflow of $277 million in USDT over the past 24 hours, indicating that stablecoin funds are flowing toward this platform. Meanwhile, large-scale spot trading remained active—one Whale sold 30,000 ETH through Galaxy Digital for $55 million and transferred the resulting USDC to Coinbase. Risks related to leverage trading intensified as a Whale holding $82 million in HYPE long positions ran out of margin due to continuous withdrawals, being just $4 short of liquidation.

03Changes in on-chain liquidity

Ethereum leads with a TVL of $40.59B, showing a 1.4% increase over the past 7 days, while its DEX liquidity amounts to $1136M. Solana has the highest DEX depth at $1480M, but its TVL dropped by 2.3% over 7 days to $4.81B. Base performed strongly, with its TVL rising by 1.5% to $4.52B over 7 days, and its DEX scale reaching $987M. The Bitcoin ecosystem saw explosive growth, with its TVL surging by 17.4% over 7 days to $4.18B. Monad experienced the fastest growth rate, with its TVL jumping by 41.2% over 7 days to $690M.

In terms of stablecoins, USDT tops the list with a liquidity score of 67, followed by USDC at 51. On July 17, Binance recorded a net inflow of $277 million in USDT, indicating capital concentration among leading exchanges. However, on the same day, Binance also saw an hourly net outflow of $33.4637 million in USDT, reflecting intense short-term trading activity.

Regulatory pressures are reshaping liquidity distribution. On July 17, OKX Europe launched a USDT-to-USDC conversion channel to meet the withdrawal requirements set by institutions like Revolut by August 31. Meanwhile, Visa introduced its VSP platform on the same day to integrate assets such as OUSD, aiming to take control from a neutral hub perspective. Regarding security incidents, DeFiTuna lost approximately $570,000 in USDC due to a low-liquidity fake pool vulnerability, serving as a warning about the risks associated with insufficient depth.

04Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-18

Operational Recommendations

1. Diversify Liquidity and Comply with Regulations (This Week) Given that OKX Europe has launched a USDT-to-USDC conversion channel to address regulatory pressures, and institutions like Revolut have set August 31 as the deadline for compliance, investors are advised to gradually transfer some of their USDT holdings to USDC or other compliant stablecoins. If there is an increase in withdrawal delays or unusually high conversion fees for USDT at major exchanges, investors should build up USDC positions in stages to avoid potential risks associated with fiat redemption restrictions.

2. Monitor Capital Flow Patterns Among Exchanges (Next 2 Weeks) Binance recorded a net inflow of $277 million in USDT over the past 24 hours, but followed that with a net outflow of $133.4637 million within just one hour, indicating rapid capital movement between platforms. It is recommended to adopt a cautious approach. If Binance experiences a net outflow of over $50 million in USDT for two consecutive days, accompanied by a significant drop in the 24-hour trading volume of USDT from $41.2B, investors should reduce their positions in highly leveraged derivative products to prevent slippage losses due to liquidity shortages.

3. Review the Security of DeFi Protocols (This Month) DeFiTuna lost approximately $570,000 in USDC due to underliquidated fake pools and precision truncation vulnerabilities, highlighting security risks in lesser-known protocols. Before investing in non-top-tier DeFi protocols, investors should carefully assess the depth of their liquidity pools and the audit status of their smart contracts. If a held protocol shows warnings related to “underliquidated fake pools” or if contract upgrades have not undergone public audits, funds should be immediately transferred to centralized exchanges or mainstream wallets to avoid similar attacks.

Risk Warnings

1. Regulatory Compliance Risks With stricter enforcement of Europe’s MiCA regulations, institutions such as Revolut have set August 31 as the deadline to eliminate non-compliant stablecoins. If Tether fails to meet compliance requirements in time, it could lead to limited liquidity for USDT in the European market, triggering panic-driven sell-offs globally.

2. Exchange Liquidity Fluctuation Risks Binance’s capital flow has shown extreme volatility, with a $277 million net inflow followed by a large net outflow shortly thereafter. If such frequent capital withdrawals continue, it may cause the exchange’s internal stablecoin conversion rates to deviate from their benchmark values, increasing users’ withdrawal costs and uncertainty regarding processing times.

3. DeFi Smart Contract Security Risks The attack on DeFiTuna demonstrates that attack methods exploiting underliquidated pools and precision vulnerabilities remain active. Investors need to be vigilant against the recurrence of such technical flaws in other smaller DeFi protocols, especially those involving complex financial derivatives or tokens with low liquidity.

05Related Reads

1. “Binance’s 24-hour USDT net inflow reaches $277 million”
2. “Binance experiences a $33.46 million net outflow in 1 hour”
3. “Tether refuses to comply: The $310 billion giant expelled by European platforms”
4. “Visa doesn’t issue its own tokens but controls the key aspects of the stablecoin industry”
5. “A Whale sells 30,000 ETH through Galaxy Digital”
6. “HYPE’s largest long holder is just $4 short of liquidation”
7. “DeFiTuna suffers an attack, losing around $570,000 in USDC”