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Stablecoin weekly: USDC drops $1.32B as the Big-3 falls $1.52B
2026-10-14

Stablecoin weekly: USDC drops $1.32B as the Big-3 falls $1.52B

The Big-3 stablecoin float shrank $1.52B to $261.643B as USDC shed $1.32B across Ethereum, Hyperliquid and Solana, even after Circle minted $3,307.4M of new USDC.

Stablecoin Liquidity
Stablecoin Liquidity@NeoDrop Official
The aggregate circulating supply of the three largest stablecoins closed the seven days to October 14, 2026 at 08:00 (UTC−05:00) at $261.643B, down $1,515.2M, or 0.58%, from a week earlier 1. USDC supplied almost all of that drop, falling $1,315.3M, while USDT gave back $133.7M and DAI $66.2M 1.
USDC's decline was concentrated on three chains. Ethereum fell $746.2M, Hyperliquid L1 $312.2M and Solana $210.9M, and those three account for $1,269.3M of the asset's $1,315.3M decline 1. Circle's own per-chain API, which refreshes through the day, put total USDC at $72.910B at 13:08 UTC on October 14, within 0.09% of the DeFiLlama figure 2.
USDT's near-flat total hid a rotation between chains. Tron added $465.4M to reach $93.094B and OP Mainnet added $119.4M, while Ethereum shed $270.8M and Solana, Aptos, Plasma, Polygon and Avalanche gave back $408.0M between them 1.
Bitcoin traded at $82,651.29 and Ethereum at $2,476.43, down 0.51% and 3.49% across the same seven days 34, and the sentiment index read 62, Greed, down from 71 a week earlier 5.

Big-3 aggregate supply movements

AssetCurrent supplyPrevious-week supply7-day changeChange
USDT$183.932B$184.066B−$133.7M−0.07%
USDC$72.976B$74.291B−$1,315.3M−1.77%
DAI$4.735B$4.802B−$66.2M−1.38%
Total Big-3$261.643B$263.159B−$1,515.2M−0.58%
The current and previous-week values for all three assets come from DeFiLlama's asset-level response, which reports both weeks in one call 1.
Over 30 days the Big-3 is $746.9M smaller, with USDC down $1,360.3M and DAI down $54.5M against a $667.9M gain for USDT 1. The final day added $10.9M to the total, $120.8M of it USDC against a $100.3M USDT decline 1.
A second supply series agrees on direction. CoinMetrics' circulating-supply metric puts USDC at $64.050B on October 13 against $64.858B on October 7, and its USDT series moved by less than 0.01% across the same stretch, from $189.136B to $189.135B 67. Its levels sit above DeFiLlama's, so it corroborates the direction of both moves rather than their size.

Chain-level supply distribution

A chain balance records where a stablecoin sits at the snapshot moment. Each table names the chains with the largest weekly moves plus one residual row, ordered by the size of the change.

USDT

ChainCurrent supplyPrevious-week supply7-day change
Tron$93.094B$92.629B+$465.4M
Ethereum$73.275B$73.546B−$270.8M
OP Mainnet$459.6M$340.2M+$119.4M
Aptos$431.7M$521.6M−$89.9M
Solana$2.783B$2.873B−$89.9M
Plasma$750.4M$833.7M−$83.2M
Polygon$721.5M$796.5M−$75.0M
Avalanche$321.0M$391.0M−$70.0M
Arbitrum$800.0M$837.9M−$37.9M
Other chains$11.296B$11.298B−$1.8M
Tron's $465.4M gain is the largest single move in this snapshot and lifts the USDT balance there to $93.094B, well above Ethereum's $73.275B 8. Solana gave back $89.9M to $2.783B, a third of the $270.8M that Ethereum lost. Inside the residual bucket, which covers 119 chains, Kaia shed $20.1M and Berachain added $13.1M.

USDC

ChainCurrent supplyPrevious-week supply7-day change
Ethereum$44.933B$45.680B−$746.2M
Hyperliquid L1$7.066B$7.378B−$312.2M
Solana$7.008B$7.219B−$210.9M
Other chains$6.572B$6.487B+$85.1M
Tempo$25.2M$94.8M−$69.7M
Arc$570.0M$505.0M+$65.0M
X Layer$72.0M$19.6M+$52.3M
Avalanche$425.6M$477.0M−$51.4M
Aptos$297.5M$343.3M−$45.8M
Base$4.396B$4.438B−$41.9M
Polygon$1.610B$1.649B−$39.6M
Ethereum's $746.2M decline is the largest single-chain move anywhere in this snapshot, and Hyperliquid L1's $312.2M drop makes three consecutive weeks that balance has fallen 9. Arc, the Layer 1 Circle launched in September, added $65.0M to $570.0M, and X Layer more than tripled to $72.0M. Inside the residual bucket, Stellar added $34.1M and Algorand $24.7M.

DAI

ChainCurrent supplyPrevious-week supply7-day change
Ethereum$4.161B$4.211B−$49.2M
Polygon$443.2M$458.5M−$15.3M
Avalanche$9.4M$11.2M−$1.8M
Arbitrum$17.0M$16.9M+$0.2M
Other chains$104.3M$104.4M−$0.1M
DAI's $66.2M weekly decline sits almost entirely on Ethereum and Polygon, which gave back $49.2M and $15.3M 10.

Bridge-received supply

The same endpoints separate each chain's balance into the part issued natively there and the part that arrived over a bridge. Summing the bridge-received side gives the float sitting behind a wrapped or bridged representation.
AssetBridge-received, Oct 14Bridge-received, Oct 77-day change
USDT$13.024B$13.068B−$43.4M
USDC$3.714B$3.819B−$105.3M
DAI$574.1M$591.0M−$16.9M
Total Big-3$17.312B$17.478B−$165.7M
The largest single-chain moves inside that total:
AssetChainOct 7Oct 14Change
USDTOP Mainnet$340.4M$454.3M+$113.8M
USDTPlasma$834.3M$755.7M−$78.6M
USDTPolygon$797.6M$725.2M−$72.4M
USDCTempo$94.9M$25.2M−$69.7M
USDTArbitrum$838.5M$800.2M−$38.3M
USDCPolygon$1,026.4M$1,009.1M−$17.4M
DAIPolygon$458.4M$443.2M−$15.2M
Sources for both tables: 18910.
Bridge-carried float fell 0.95% while total supply fell 0.58%, and the bridged share of the Big-3 slipped to 6.62% from 6.64%. A chain's bridge-received change and its total balance change measure different things, and OP Mainnet shows the gap: its USDT balance gained $119.4M while $113.8M of the balance arrived over a bridge. The endpoint records how much of a balance arrived over a bridge and stops there; the bridge names, source chains and route pairs behind those amounts sit outside the series.

Verified issuer and large-wallet events

Whale Alert describes its feed as live reporting on large on-chain transactions as they happen, and this table holds its alerts inside the reporting window once converted to UTC−05:00. The feed reports identified large events, so its totals are a floor on issuance.
AssetAmount and actionChainLocal timeEntity / details
USDC250.0M minted at USDC Treasury 11SolanaOct 7, 16:37Circle Treasury
USDT140.0M from Bitfinex to Tether Treasury 12TronOct 9, 06:56Rotation, leg 1
USDT140.0M from Tether Treasury to Bitfinex 13EthereumOct 9, 06:57Rotation, leg 2
USDT110.0M from Tether Treasury to Upbit 14TronOct 9, 08:10Venue deployment
USDT500.0M from Binance to Tether Treasury 15EthereumOct 9, 08:12Rotation, leg 1
USDT500.0M from Tether Treasury to Binance 16TronOct 9, 09:07Rotation, leg 2
USDT500.0M from Binance to Tether Treasury 17EthereumOct 9, 09:22Rotation, leg 1
USDT500.0M from Tether Treasury to Binance 18TronOct 9, 09:28Rotation, leg 2
USDC139.5M minted at USDC Treasury 19EthereumOct 9, 12:08Circle Treasury
USDC250.0M minted at USDC Treasury 20SolanaOct 9, 14:29Circle Treasury
USDT130.0M from Tether Treasury to Bitfinex 21EthereumOct 10, 09:14Treasury to venue
USDC250.0M minted at USDC Treasury 22SolanaOct 10, 21:54Circle Treasury
USDT220.0M from unknown wallet to unknown wallet 23EthereumOct 11, 01:46Unlabeled transfer
USDT135.0M from unknown wallet to Spark 24EthereumOct 11, 01:49DeFi deployment
USDT110.0M from Tether Treasury to Bitfinex 25EthereumOct 11, 23:58Treasury to venue
USDC250.0M minted at USDC Treasury 26SolanaOct 12, 16:50Circle Treasury
USDC138.3M from unknown wallet to Binance 27EthereumOct 12, 22:02Venue inflow
USDT110.0M from Tether Treasury to Bitfinex 28EthereumOct 13, 10:00Treasury to venue
USDT113.2M from unknown wallet to Bitfinex 29EthereumOct 13, 11:06Venue inflow
USDC250.0M minted at USDC Treasury 30SolanaOct 13, 11:18Circle Treasury
USDC100.0M minted at unknown wallet 31AlgorandOct 13, 11:35Unlabeled mint
USDC134.6M from USDC Treasury to unknown wallet 32EthereumOct 13, 11:50Treasury deployment
USDC167.9M minted at USDC Treasury 33EthereumOct 13, 11:51Circle Treasury
USDC134.6M burned at USDC Treasury 34EthereumOct 13, 12:43Circle Treasury
USDC109.3M from unknown wallet to Coinbase 35EthereumOct 13, 14:55Venue inflow
USDC248.0M from Coinbase Institutional to Coinbase 36EthereumOct 13, 14:56Internal venue move
USDC118.5M from Coinbase to unknown wallet 37SolanaOct 13, 16:04Venue outflow
USDC250.0M minted at USDC Treasury 38SolanaOct 13, 16:06Circle Treasury
USDT113.2M from Bitfinex to Tether Treasury 39EthereumOct 13, 19:58Venue to treasury
USDC250.0M minted at USDC Treasury 40SolanaOct 14, 02:09Circle Treasury
Whale Alert carried fourteen USDC Treasury mints inside the window, $3,307.4M in total. Twelve of them were 250.0M on Solana, from October 7 through October 14 local time, for $3,000.0M together 112022263038404142434445. The other two landed on Ethereum, 139.5M on October 9 and 167.9M on October 13 1933. Solana's USDC balance still fell $210.9M across the seven days, so the minted dollars left that chain about as fast as they arrived.
The window's single burn was 134.6M at the USDC Treasury on Ethereum on October 13 34, which followed a Treasury withdrawal of the same size on the same chain 53 minutes earlier 32. Against $3,307.4M of verified mints and $134.6M of burns, USDC's circulating supply fell $1,315.3M.
USDT saw no Treasury mint, and its treasury activity was all routing. On October 9 Bitfinex returned 140.0M to the Tether Treasury on Tron at 06:56 local and drew the same amount back on Ethereum a minute later 1213, and Binance ran two 500.0M pairs through the Treasury between 08:12 and 09:28 local 1518. Each pair moves the same amount out and back across two networks, and the amount outstanding does not change. The Treasury also sent 130.0M to Bitfinex on October 10 and 110.0M on each of October 11 and 13, and took 113.2M back on October 13 2139.
The nightly large-wallet round trip on Ethereum appeared on all seven nights this window, after five in the previous one. An address Whale Alert labels "Unknown Whale 1" drew between $133.8M and $133.9M out of Aave between 18:33 and 18:34 local and returned it 35 to 39 minutes later, with the returned amount matching the withdrawal to within a few hundred dollars each time 46474849505152. The pattern sits on one chain and one counterparty.

Exchange balances as a buying-power proxy

Stablecoin float held in exchange wallets is the part of the supply that can be spent on a position without moving between chains first. The venue balances below come from wallet sets DeFiLlama tracks and publishes, averaged across each of the two weeks so that a single day's wallet update does not drive the comparison.
Coinbase and Kraken sit outside every tracked wallet set reachable here, so the aggregates below understate the stablecoin balances held across exchanges as a group.
VenueThis-week averagePrior-week averageChangeSeries
Binance 53$48.320B$48.611B−$291.1MStable
OKX 54$9.947B$10.193B−$246.5MStable
Bybit 55$4.186B$4.203B−$17.1MStable
MEXC 56$2.013B$2.054B−$40.5MStable
KuCoin 57$1.026B$1.086B−$60.6MStable
Bitget 58$971M$1,038M−$66.9MMixed
BingX 59$360M$368M−$7.7MStable
Gate 60$277M$280M−$2.6MStable
Bitfinex 61$210M$408M−$197.3MVolatile
Crypto.com 62$135M$162M−$27.5MMixed
Phemex 63$128M$132M−$3.8MStable
Bitmex 64$108M$110M−$1.9MStable
Deribit 65$75M$226M−$151.2MVolatile
All 80 tracked venues$68.574B$69.713B−$1,139.1M—
Venues with stable series$66.613B$67.290B−$676.8M—
The all-venue figure and the stable subset disagree by $462.3M, and two venues explain most of it. Bitfinex's tracked balance stepped from $425.3M on October 7 to $195.3M on October 8. Deribit's prior-week average still carries October 1, the last day before its tracked set moved from $937.9M to $85.3M on October 2. Both series failed the steadiness screen used for the subset, which leaves them out of the smaller total.
The stable subset is 26 venues holding at least $1M of the three assets whose daily readings stayed within 5% of their level over the past 14 days, and it carried $66.613B of the $68.574B total. Inside it, USDT sits at $56.204B and USDC at $10.388B 535456. The two venues that carry the most volume both shed balances, Binance $291.1M and OKX $246.5M, and no tracked venue added more than $15.4M.

Market cross-check

Asset / indicatorSnapshotChange
BTC$82,651.29 3−0.51% over 7 days; −0.93% over 24 hours
ETH$2,476.43 4−3.49% over 7 days; −1.37% over 24 hours
Crypto Fear & Greed62, Greed 571, Greed on October 7
BTC perpetual funding, OKX0.00914% per 8 hours 66Up from 0.00198%; venue baseline 0.01%
BTC perpetual funding, Hyperliquid0.00091% per hour 670.022% per day, open interest $3.18B
Stablecoin float and prices fell together this week. Bitcoin ended the seven days 0.51% lower and Ethereum 3.49% lower, and the sentiment index dropped nine points to 62. Derivatives positioning firmed into the decline instead of retreating: OKX's BTC swap funding rate rose to 0.00914% per eight hours from 0.00198%, close to that venue's 0.01% neutral line, and Hyperliquid's hourly rate sat at 0.00091% with open interest down to $3.18B from $3.36B.

What the snapshot establishes

  1. The Big-3 contracted $1,515.2M to $261.643B. USDC's $1,315.3M decline carried nearly all of it 1.
  2. USDC's fall was an Ethereum, Hyperliquid L1 and Solana story. Those three chains gave back $1,269.3M of the asset's $1,315.3M decline 1.
  3. USDT held near flat while moving between chains. Tron gained $465.4M and OP Mainnet $119.4M against a $270.8M Ethereum decline and $408.0M given back across five other chains 1.
  4. Circle minted $3,307.4M of USDC and burned $134.6M. Twelve 250.0M mints landed on Solana for $3,000.0M of the total, and Solana's USDC balance fell $210.9M across the same seven days 11.
  5. Exchange buying power fell with the float. The 80 tracked venues averaged $1,139.1M lower and the 26 with steady series $676.8M lower, with the wider number driven by wallet-set churn at Bitfinex and Deribit 53.
  6. Wrapped float shrank. Bridge-received supply fell $165.7M to $17.312B, taking its share of the Big-3 to 6.62% from 6.64% 1.
  7. Prices fell alongside the float. Bitcoin lost 0.51% and Ethereum 3.49% over the seven days, and the sentiment index dropped to 62 from 71 3.
Three dimensions sit outside what this snapshot can establish:
  • Bridge route flows. Pair-by-pair USDT, USDC and DAI netflows across bridges found no free public series this report could verify. DeFiLlama's bridge endpoints answer with a paid-plan prompt, and every public alternative reached across recent attempts reports one protocol's own traffic, caps its history at minutes of records, or accepts no date range. The bridge-received stock by chain above is what the available data supports.
  • Exchange coverage. Coinbase and Kraken sit outside the tracked wallet sets, so any market-wide total for exchange-held stablecoin balances would rest on an incomplete venue list.
  • Gross issuance. Public ledgers of USDC and USDT issuance are partial, so the observed mint and burn events and the net supply change are reported side by side and left unreconciled. The Solana mint series alone ran $3,000.0M against a $210.9M decline in that chain's balance.
Method note: supply figures come from DeFiLlama's asset and chain snapshots taken at 2026-10-14 08:00 (UTC−05:00). Other chains is the residual of DeFiLlama's full chain list after the named chains in each table; a chain missing from the source's list is marked as such. Week-over-week figures come from one same-moment pull, so they can differ from a difference against the levels printed in an earlier issue; DeFiLlama restated several of those levels after the October 7 edition, including USDT's October 7 level by about $230M lower and USDC's by about $81M higher. Bridge-received figures sum the per-asset series' bridgedTo field across chains, excluding chains whose series stopped updating and any chain without a data point within a day of the seven-day-old date; that excluded 27 USDT, 30 USDC and 13 DAI chains this run, and the figures are taken at that series' own daily snapshot dated 00:00 UTC, while the chain tables come from the summary endpoint's later snapshot. Exchange balances average each venue's daily readings across the two weeks using wallet sets the venue or its proof-of-reserve disclosures publish, with the comparison weeks running October 8 to October 14 and October 1 to October 7; the source restated the prior week by about $160M on the venue set, and a venue counts as stable when it holds at least $1M of the three assets and its daily readings stay within 5% of their level over the past 14 days. Issuer and wallet events come from Whale Alert's public alerts and are treated as inventory or routing evidence. Market figures and perpetual funding use the linked public APIs. All times are UTC−05:00.
For informational use only; this report offers no investment advice.

References

  1. 1
    DeFiLlama Stablecoins API

    stablecoins.llama.fi

  2. 2
    Circle USDC by chain API

    api.circle.com

  3. 3
    CoinPaprika BTC ticker

    api.coinpaprika.com

  4. 4
    CoinPaprika ETH ticker

    api.coinpaprika.com

  5. 5
    Alternative.me Fear and Greed API

    api.alternative.me

  6. 6
    CoinMetrics USDC supply series

    community-api.coinmetrics.io

  7. 7
    CoinMetrics USDT supply series

    community-api.coinmetrics.io

  8. 8
    DeFiLlama USDT endpoint

    stablecoins.llama.fi

  9. 9
    DeFiLlama USDC endpoint

    stablecoins.llama.fi

  10. 10
    DeFiLlama DAI endpoint

    stablecoins.llama.fi

  11. 11
    Whale Alert, 250M USDC mint

    x.com

  12. 12
    Whale Alert, 140M USDT to Tether Treasury

    x.com

  13. 13
    Whale Alert, 140M USDT to Bitfinex

    x.com

  14. 14
    Whale Alert, 110M USDT to Upbit

    x.com

  15. 15
    Whale Alert, 500M USDT to Tether Treasury

    x.com

  16. 16
    Whale Alert, 500M USDT to Binance

    x.com

  17. 17
    Whale Alert, 500M USDT to Tether Treasury

    x.com

  18. 18
    Whale Alert, 500M USDT to Binance

    x.com

  19. 19
    Whale Alert, 139.5M USDC mint

    x.com

  20. 20
    Whale Alert, 250M USDC mint

    x.com

  21. 21
    Whale Alert, 130M USDT to Bitfinex

    x.com

  22. 22
    Whale Alert, 250M USDC mint

    x.com

  23. 23
    Whale Alert, 220M USDT between unknown wallets

    x.com

  24. 24
    Whale Alert, 135M USDT to Spark

    x.com

  25. 25
    Whale Alert, 110M USDT to Bitfinex

    x.com

  26. 26
    Whale Alert, 250M USDC mint

    x.com

  27. 27
    Whale Alert, 138.3M USDC to Binance

    x.com

  28. 28
    Whale Alert, 110M USDT to Bitfinex

    x.com

  29. 29
    Whale Alert, 113.2M USDT to Bitfinex

    x.com

  30. 30
    Whale Alert, 250M USDC mint

    x.com

  31. 31
    Whale Alert, 100M USDC mint

    x.com

  32. 32
    Whale Alert, 134.6M USDC from USDC Treasury

    x.com

  33. 33
    Whale Alert, 167.9M USDC mint

    x.com

  34. 34
    Whale Alert, 134.6M USDC burn

    x.com

  35. 35
    Whale Alert, 109.3M USDC to Coinbase

    x.com

  36. 36
    Whale Alert, 248M USDC to Coinbase

    x.com

  37. 37
    Whale Alert, 118.5M USDC from Coinbase

    x.com

  38. 38
    Whale Alert, 250M USDC mint

    x.com

  39. 39
    Whale Alert, 113.2M USDT to Tether Treasury

    x.com

  40. 40
    Whale Alert, 250M USDC mint

    x.com

  41. 41
    Whale Alert, 250M USDC mint

    x.com

  42. 42
    Whale Alert, 250M USDC mint

    x.com

  43. 43
    Whale Alert, 250M USDC mint

    x.com

  44. 44
    Whale Alert, 250M USDC mint

    x.com

  45. 45
    Whale Alert, 250M USDC mint

    x.com

  46. 46
    Whale Alert, Aave to unlabeled wallet

    x.com

  47. 47
    Whale Alert, Aave to unlabeled wallet

    x.com

  48. 48
    Whale Alert, Aave to unlabeled wallet

    x.com

  49. 49
    Whale Alert, Aave to unlabeled wallet

    x.com

  50. 50
    Whale Alert, Aave to unlabeled wallet

    x.com

  51. 51
    Whale Alert, Aave to unlabeled wallet

    x.com

  52. 52
    Whale Alert, Aave to unlabeled wallet

    x.com

  53. 53
    DeFiLlama tracked wallets, Binance CEX

    api.llama.fi

  54. 54
    DeFiLlama tracked wallets, OKX

    api.llama.fi

  55. 55
    DeFiLlama tracked wallets, Bybit

    api.llama.fi

  56. 56
    DeFiLlama tracked wallets, MEXC

    api.llama.fi

  57. 57
    DeFiLlama tracked wallets, KuCoin

    api.llama.fi

  58. 58
    DeFiLlama tracked wallets, Bitget

    api.llama.fi

  59. 59
    DeFiLlama tracked wallets, BingX

    api.llama.fi

  60. 60
    DeFiLlama tracked wallets, Gate

    api.llama.fi

  61. 61
    DeFiLlama tracked wallets, Bitfinex

    api.llama.fi

  62. 62
    DeFiLlama tracked wallets, Crypto.com

    api.llama.fi

  63. 63
    DeFiLlama tracked wallets, Phemex

    api.llama.fi

  64. 64
    DeFiLlama tracked wallets, Bitmex

    api.llama.fi

  65. 65
    DeFiLlama tracked wallets, Deribit

    api.llama.fi

  66. 66
    OKX funding rate, BTC-USDT swap

    okx.com

  67. 67
    Hyperliquid perpetual market data

    api.hyperliquid.xyz

Stablecoin Liquidity
Stablecoin Liquidity@NeoDrop Official

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Related content

  • Big-3 aggregate supply movements
  • Chain-level supply distribution
  • USDT
  • USDC
  • DAI
  • Bridge-received supply
  • Verified issuer and large-wallet events
  • Exchange balances as a buying-power proxy
  • Market cross-check
  • What the snapshot establishes