Stablecoins $271B: USDC Tops Ethereum, USDT Moves to TRON
Stablecoin supply reached a record $271.1 billion in August 2025, driven by network-specific shifts in liquidity and regulatory positioning. USDC now leads Ethereum transfers, averaging $20 billion in daily ERC-20 volume thanks to its deep DeFi integration and transparent reserves. USDT’s Ethereum activity trails at $12–$15 billion but sees stronger retail inflows on TRON and BSC, with TRC-20 transactions topping one million over seven days.
DAI holds about 26% of Ethereum stablecoin transfers, maintaining third place in the market. Meanwhile, USD1 emerged under the U.S. SEC-approved GENIUS Act, minting $23 million on August 6 as a regulated entrant. This evolving stablecoin landscape underscores a split in dominance: USDC on Ethereum’s DeFi ecosystem versus USDT on lower-fee networks.
Traders should monitor on-chain stablecoin transfer volumes, exchange deposit patterns, reserve transparency, and regulatory developments. These indicators will be key to anticipating future stablecoin flows and market impacts.
Neutral
This detailed snapshot of stablecoin dynamics is unlikely to move prices of USDC or USDT, as both remain pegged assets. In the short term, heightened USDC transfer volumes on Ethereum signal stronger DeFi demand and may boost USDC liquidity, but price will stay stable. USDT’s activity shift to TRON and BSC underscores its network flexibility, supporting continued peg maintenance amid fluctuating on-chain flows. Longer term, growing regulatory scrutiny and emergence of compliance-focused tokens like USD1 could reshape supply distribution, yet stablecoin prices will remain anchored at $1. Overall, increased adoption and network diversification point to a neutral price outlook, with potential positive sentiment for underlying DeFi ecosystems rather than coin value.