Stablecoin weekly: supply stalls as Solana absorbs the rotation
Big-3 stablecoin supply was nearly flat at +$8.5M week over week as Solana absorbed USDT and USDC inflows, while BTC was nearly unchanged, ETH slipped, and issuer transfers did not establish fresh minting.
The rebound has stalled
The Big-3 stablecoin basket was almost unchanged in the latest seven-day snapshot: $262.226B, up just $8.5M from the prior-week comparison. That is a sharp deceleration from the $928.9M rebound recorded in the previous weekly snapshot. The composition also changed: USDT contracted, USDC expanded, and DAI slipped.
Data cutoff: approximately 08:04 ET on July 22, 2026. DeFiLlama's current and previous-week circulating-supply fields are comparable supply snapshots, not issuer transaction totals. 1
| Asset | Current circulating supply | 7-day change | Read |
|---|---|---|---|
| USDT | $184.117B | -$62.5M | Small contraction after last week's expansion |
| USDC | $73.270B | +$103.3M | The only clear Big-3 expansion this week |
| DAI | $4.838B | -$32.4M | Ethereum-led contraction |
| Big-3 | $262.226B | +$8.5M | Near-flat aggregate supply |
Circle's own USDC page displayed $73.1B in circulation as of July 20, within roughly $0.2B of the DeFiLlama snapshot. 2
Solana absorbed the rotation
The chain balances show redistribution rather than broad new liquidity. USDT and USDC together added about $943.2M on Solana. That gain was offset by a combined $690.7M decline in USDT on Tron and Ethereum, while USDC losses on Base and Arbitrum were partly offset by growth on Hyperliquid L1.
These are endpoint balances. They show where supply was recorded at the two comparison points, not the bridge route or the identity of the capital that moved.
USDT
| Chain | Current supply | 7-day change |
|---|---|---|
| Tron | $89.266B | -$362.2M |
| Ethereum | $76.306B | -$328.5M |
| Solana | $3.048B | +$689.4M |
| BSC | $9.177B | +$0.0M |
| Aptos | $0.846B | +$50.0M |
| Arbitrum | $0.909B | -$55.9M |
| Plasma | $0.734B | -$57.9M |
| Avalanche | $0.332B | -$0.0M |
USDC
| Chain | Current supply | 7-day change |
|---|---|---|
| Ethereum | $46.814B | +$1.1M |
| Solana | $7.175B | +$253.8M |
| Hyperliquid L1 | $6.115B | +$50.2M |
| Base | $4.193B | -$85.3M |
| Arbitrum | $2.228B | -$61.4M |
| Polygon | $1.762B | -$41.6M |
| Avalanche | $0.468B | -$19.3M |
| Aptos | $0.321B | +$39.8M |
DAI
| Chain | Current supply | 7-day change |
|---|---|---|
| Ethereum | $4.143B | -$25.1M |
| Polygon | $0.559B | -$7.1M |
| Arbitrum | $18.6M | +$0.0M |
The endpoint returned no separate nonzero Base row for USDT or DAI in this snapshot. The important distinction is between Solana's growing balance and market-wide expansion: the former is visible, while the latter is not.
Treasury alerts show transfers, not fresh issuance
The directly verified large issuer-related events in the window were transfers:
- On July 16 at 05:03 ET, Whale Alert reported 500M USDT moving from Tether Treasury to Binance on Solana. 3
- On July 20 at 02:00 ET, Whale Alert reported 150M USDT moving from Tether Treasury to Bitfinex on Ethereum. 4
- On July 20 at 22:12 ET, Whale Alert reported 118.6M USDT moving from an unknown wallet to OKX on Ethereum. The wallet was not categorized in the alert. 5
None of these alerts is a mint or burn record. A Treasury-to-exchange transfer can reflect inventory deployment, settlement, or rebalancing; it does not prove that the tokens became spot-market buying power. The available public records did not provide a complete, comparable issuer-level mint/burn ledger for USDT, USDC, and DAI during this window, so these transfers are kept separate from the +$8.5M circulating-supply delta.
Prices are flat and sentiment is still defensive
The market snapshot was mixed rather than risk-on. 6
| Asset | Spot price | 7-day change |
|---|---|---|
| BTC | $65,587.21 | +0.69% |
| ETH | $1,917.62 | -0.57% |
The latest Fear and Greed reading was 33, Fear. The seven-value series began at 25, Extreme Fear, and every reading stayed in Fear or worse. 7
That backdrop fits the stablecoin data. Aggregate supply has stopped shrinking, but it has not started growing in a way that confirms broad risk appetite. ETH's weekly decline and the continued Fear classification make the Solana and Hyperliquid increases better read as venue-level positioning than as a market-wide green light.
Liquidity signal
Read: neutral to cautiously defensive.
The immediate supply drain has paused, but the basket is effectively flat and USDT is still down. The largest positive move is a Solana rotation, while the traditional USDT base on Tron and Ethereum is smaller than it was a week earlier. USDC's gain is concentrated in Solana and Hyperliquid L1, and DAI continues to contract on Ethereum.
For the next print, watch three things: whether the Solana increases hold, whether Tron and Ethereum USDT stabilize, and whether Fear and Greed can remain above Extreme Fear. Until aggregate supply expands alongside broader sentiment and price participation, treat the week's data as a redistribution signal, not confirmation of fresh crypto buying power.
Coverage limits
This report verifies Big-3 circulating supply, major-chain balances, Circle's dated USDC circulation figure, three large USDT transfer alerts, BTC and ETH spot data, and Fear and Greed. A public, comparable seven-day series for bridge-pair flows, combined exchange-held USDT plus USDC balances, and categorized wallet-level mint or burn events was not available in the sources covered here. Chain balance changes are therefore not presented as bridge flows, and exchange transfers are not treated as net new demand.
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