Daily Report on Token Chain Liquidity (Issue 15 · Week 30, 2026)

01Overview of Stablecoin Supply

July 22, 2026, serves as the data benchmark date. The current stablecoin market shows significant expansion in on-chain liquidity, with prices of major stablecoins remaining highly stable. The current price of USDT is $0.9993, USDC is $0.9999, DAI is $0.9999, and FDUSD is $0.9979.

On the supply side, Circle has accelerated the issuance of USDC on the Solana network, minting $750 million within 24 hours, with the cumulative amount minted this year exceeding 71.01 billion units. This large-scale minting activity has directly strengthened the liquidity foundation of the Solana DeFi ecosystem, providing a crucial factor for protocols like Jupiter and driving a surge in Solana stablecoin reserves.

From the demand side and macroeconomic perspective, stablecoins are emerging as important vehicles for bringing traditional financial assets onto the blockchain as well as facilitating capital flows in emerging markets. The market value of tokenized stocks reached $1.7 billion by the end of June, a fourfold increase from the previous year, while on-chain transaction volumes surged by 170 times, indicating an acceleration in the migration of traditional financial assets to the blockchain. Meanwhile, the BIS warns that stablecoins are leading to unregulated “digital dollarization” in regions such as Latin America and Nigeria, with their total market value now exceeding $300 billion, posing a challenge to monetary sovereignty.

Regarding exchange capital flows, Binance recorded a net inflow of over $30 million in USDT per hour, signaling short-term capital inflows. Despite regulatory pressures, Binance remains the preferred liquidity platform for high-net-worth users. Whale addresses use this platform to purchase large amounts of ETH and transfer it to cold wallets, indicating intentions to hold these assets in the long term. The overall market sentiment index stands at 49/100, indicating a neutral state.

02Flow of exchange stablecoins

On 2026-07-22, the activities of Whale addresses showed significant divergence, with institutional funds and high-net-worth individuals sending clear signals through large-scale transactions and interactions with exchanges. On the buying side, the anonymous address 0x4cee spent $20 million on Binance on 07-21 to purchase 10,501 ETH at an average price of $1,905, before quickly moving the coins to a cold wallet. Analysts suggest this action is a typical sign of long-term holding, indicating that high-net-worth individuals prefer using Binance as an entry point for liquidity before transitioning to self-custody on the blockchain. Additionally, new wallets withdrew funds from Binance and locked them all up in staking, further confirming the trend of capital leaving exchanges and entering the staking ecosystem. Regarding stablecoins, Binance experienced a net inflow of over $30 million in USDT within just one hour on 07-21, signaling the return of short-term trading funds to the exchange. Meanwhile, Circle issued $750 million worth of USDC on the Solana network within 24 hours, bringing the total amount minted this year to over 71.01 billion tokens. This massive issuance has strengthened the liquidity foundation of Solana DeFi, providing crucial funding support for protocols within the ecosystem. Overall, despite the short-term net inflow of stablecoins into exchanges, the transfer of large amounts of ETH to cold wallets after purchases, along with the continuous issuance of USDC on the Solana chain, indicates that institutions and Whales are accelerating their investment in long-term assets and DeFi liquidity on the blockchain, rather than engaging in mere short-term trading.

03Changes in on-chain liquidity

Ethereum leads with a TVL of $41.21B, while DEX liquidity amounts to $1136M, showing a slight 0.8% increase over the past 7 days. Solana has a TVL of $4.91B and DEX liquidity of $1560M; although it experienced a minor 0.1% decline over 7 days, the ecosystem’s liquidity has improved significantly thanks to Circle’s issuance of $750 million in USDC on July 21 and the cumulative total exceeding 71 billion tokens this year. Base boasts a TVL of $4.68B, with a 2.3% growth over 7 days, and DEX liquidity of $706M, indicating stable performance. Bitcoin’s TVL is $4.36B, with a sharp 17.0% rise over 7 days, though DEX data is unavailable. Tron has a TVL of $4.86B, but its DEX liquidity is only $38M, primarily serving as a platform for stablecoin settlements.

The liquidity score for USDT is 71, with a current price of $0.9993; USDC’s liquidity score is 53, at a current price of $0.9999. Due to large-scale USDC minting on the Solana network, over $150 million in liquidity has been injected into protocols like Jupiter, enhancing trading depth. Binance saw a net inflow of over $30.23 million in USDT per hour, signaling short-term capital returns. In terms of arbitrage opportunities, Solana’s high liquidity complements Ethereum’s deep market, leading to active cross-chain capital flows. However, it is important to monitor potential regulatory changes that could affect stablecoin liquidity.

04Operation suggestions

Operational Recommendations and Risk Warnings

Benchmark Date: 2026-07-22

Operational Recommendations

1. Liquidity Arbitrage and Market-Making Strategies (This Week) Given that the 24h trading volume of USDT is as high as $48.3B with a current price of $0.9993, while FDUSD trades at $0.9979 with a volume of only $104.0M, there is a significant disparity in liquidity between the two. It is recommended to adopt standard market-making strategies in highly liquid pairs such as USDT/USDC. For less liquid stablecoins like FDUSD, a “moderately defensive” approach should be taken, engaging in small-scale arbitrage only when price differences deviate from normal thresholds, to avoid excessive slippage risks in pools with low depth.

2. Position Adjustments Driven by Macroeconomic Policies (Next 2 Weeks) As the CLARITY bill races toward the August recess, with Trump agreeing to include ethical provisions to remove obstacles, the urgency for Senate voting has increased. If there are positive signs of progress in the bill (such as its passage in the first reading), it may be appropriate to “increase holdings” in top stablecoin-related assets with strong compliance profiles. Conversely, if voting is stalled or delayed, positions in highly leveraged stablecoin derivatives sensitive to regulation should be “gradually reduced” to mitigate liquidity shocks caused by policy uncertainty.

3. Swing Trading Around Mergers and Acquisitions in the Payment Sector (This Month) Stripe plans to acquire PayPal for $100 billion, betting on stablecoins and the Agent narrative to address weaknesses on the consumer side and restructure the payment and settlement network. It is advisable to closely monitor the regulatory approval process for this merger sowie the actual implementation of stablecoin payment interfaces between the two companies. If an officially confirmed integration roadmap or pilot launch occurs, it might be feasible to “build positions in phases” for related ecosystem tokens. However, if antitrust investigations arise or technical integration is delayed, it would be prudent to “take profits at the right time” from previously accumulated positions to avoid losses as the initial enthusiasm fades.

Risk Warnings

1. Regulatory Compliance Risks The BIS has warned that stablecoins could lead to an unregulated form of “digital dollarization,” undermining the monetary sovereignty of emerging markets. IMF data confirms a surge in their use in Latin America and Nigeria. If major economies introduce strict measures to curb capital outflows or ban stablecoins, it could result in an immediate collapse in liquidity for stablecoins in certain regions. Trigger conditions: Central banks of key emerging markets issue explicit bans or freezes on stablecoins.

2. Protocol Security and Credit Risks Movement Labs filed for bankruptcy with assets worth less than $500,000, with its former founder becoming the largest creditor—highlighting how protocol flaws can lead to catastrophic losses. Such incidents indicate that there may be significant undiscovered risks in the underlying code or governance structures of DeFi protocols. Trigger conditions: Major stablecoins or payment protocols are exposed to smart contract vulnerabilities, audit failures, or opaque reserve management.

3. Extreme Market Sentiment Volatility Risks The market sentiment index has experienced sharp fluctuations recently, dropping from 51.8 to 36.2 (fear level) before rebounding to 50.1 (neutral level), alongside a surge in Whale activity. Such high volatility could lead to stablecoin devaluation or liquidity crunches in exchanges. Trigger conditions: The market sentiment index fluctuates by more than 20 points within 24 hours, or stablecoin prices deviate by more than 0.5% from $1.00.

05Related Reads

1. “Circle在Solana网络增发7.5亿美元USDC”
2. “Solana再铸2.5亿USDC，年内累计突破710亿枚”
3. “USDC破150亿，SOL能否借势反弹？”
4. “市值破3000亿美元：稳定币瓦解新兴市场资本管制”
5. “Binance 一小时净流入 3023 万美元”
6. “Whale撤离Binance 2000万美元ETH，链上数据揭示战略意图”
7. “伦理条款破冰，CLARITY法案冲刺8月休会”
8. “某Whale地址斥资 2000 万美元买入 10501 枚 ETH”
9. “Stripe拟1000亿美元并购PayPal：稳定币与Agent能否破局？”
10. “估值30亿归零：前创始人成最大债权人”