Stablecoin weekly: Big-3 adds $742.7M as Tron USDT gains $504.2M
The Big-3 stablecoin base rose $742.7M to $262.532B, led by a $504.2M USDT increase on Tron and a $487.9M USDC increase on Solana.
The aggregate circulating supply of the three largest stablecoins—Tether (USDT), USD Coin (USDC), and Dai (DAI)—expanded by $742.70M over the seven days ending September 9, 2026, at 08:00 (UTC-05:00) 1. Total Big-3 market capitalization rose from $261.79B to $262.53B, accelerating from the prior week's $215.50M expansion 1.
USDC drove 89.09% of the net weekly expansion, adding $661.64M 1. USDT recorded a modest net gain of $80.64M, while DAI supply remained nearly flat with a $423.23K increase 1. Chain-level distribution revealed sharp divergence: Tron absorbed $504.21M in new USDT while Solana absorbed $487.93M in new USDC 1. In contrast, Ethereum experienced net circulating supply contractions across both USDT (-$272.28M) and USDC (-$184.17M) 1.
Big-3 aggregate supply movements
Weekly expansion centered on USDC, whereas USDT concentrated on internal redistribution between networks alongside modest top-line creation.
| Asset | Current supply | Previous-week supply | 7-day change | Change |
|---|---|---|---|---|
| USDT | $183.395B | $183.314B | +$80.6M | +0.04% |
| USDC | $74.359B | $73.697B | +$661.6M | +0.90% |
| DAI | $4.778B | $4.777B | +$0.4M | +0.01% |
| Total Big-3 | $262.532B | $261.789B | +$742.7M | +0.28% |
DeFiLlama's asset-level response supplies the current and prior-week values 1.
The $742.7M aggregate increase expands on the prior week's $215.5M advance by roughly 3.45 times. USDC provided the vast majority of net creation. USDT posted small net growth at the global level, while internal network shifts altered its geographic concentration.
Chain-level supply distribution
Chain-level accounting shows that global asset totals obscure substantial capital migration across underlying settlement layers. Each table uses the same fields.
Other chains represents the residual of the full DeFiLlama chain list after the nine named chains below. A chain delta records an endpoint-balance change without identifying a bridge path or a wallet-level cause 1.USDT
Tron accounted for the entire positive delta of USDT, expanding by $504.2M to reach $92.27B. Ethereum, Solana, and Arbitrum saw combined USDT contractions of $364.4M.
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Tron | $92.272B | $91.767B | +$504.2M |
| Ethereum | $73.443B | $73.715B | -$272.3M |
| BSC | $9.182B | $9.182B | +$35.6K |
| Solana | $2.765B | $2.835B | -$69.5M |
| Arbitrum | $819.5M | $842.1M | -$22.6M |
| Polygon | $771.2M | $761.4M | +$9.9M |
| Avalanche | $341.9M | $342.2M | -$0.3M |
| Hyperliquid L1 | $85.4M | $108.8M | -$23.4M |
| Base | Data unavailable in source | Data unavailable in source | Data unavailable in source |
| Other chains | $3.715B | $3.761B | -$45.4M |
Tron supplied the single largest chain increase, expanding its role as the dominant network for USDT settlement. Ethereum lost $272.3M in circulating USDT, extending a multi-week rebalancing toward alternative settlement venues.
USDC
USDC growth concentrated in Solana (+$487.9M), Hyperliquid L1 (+$186.6M), Arbitrum (+$95.6M), and Base (+$56.2M). Ethereum contracted by $184.2M, reflecting layer-2 migration and institutional reallocations.
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Ethereum | $47.118B | $47.302B | -$184.2M |
| Solana | $7.120B | $6.633B | +$487.9M |
| Hyperliquid L1 | $6.912B | $6.725B | +$186.6M |
| Base | $4.311B | $4.255B | +$56.2M |
| Arbitrum | $2.237B | $2.141B | +$95.6M |
| Polygon | $1.814B | $1.816B | -$1.5M |
| BSC | $1.582B | $1.582B | +$159.4K |
| Avalanche | $417.1M | $424.3M | -$7.3M |
| Tron | $27.9M | $27.9M | -$1.5K |
| Other chains | $2.820B | $2.792B | +$28.0M |
Solana and Hyperliquid L1 together absorbed $674.5M in net USDC expansion. This dynamic pushed Solana's total circulating USDC above $7.12B, accompanied by continued capital deployment into Arbitrum and Base.
DAI
DAI supply remained anchored on Ethereum, where $4.15B of its $4.78B total circulation resides. Ethereum balances gained $2.8M over the week, counterbalanced by a $2.4M contraction on Polygon.
| Chain | Current supply | Previous-week supply | 7-day change |
|---|---|---|---|
| Ethereum | $4.154B | $4.151B | +$2.8M |
| Polygon | $492.4M | $494.9M | -$2.4M |
| BSC | $31.1M | $31.1M | $0.0 |
| Arbitrum | $15.2M | $15.1M | +$100.3K |
| Avalanche | $10.8M | $10.8M | +$28.0K |
| Solana | $510.3K | $510.3K | -$0.06 |
| Tron | Data unavailable in source | Data unavailable in source | Data unavailable in source |
| Base | Data unavailable in source | Data unavailable in source | Data unavailable in source |
| Hyperliquid L1 | Data unavailable in source | Data unavailable in source | Data unavailable in source |
| Other chains | $73.7M | $73.8M | -$63.2K |
DAI maintains a steady baseline with minimal seven-day net deviation, reflecting stable collateralization profiles within MakerDAO protocols.
Verified issuer and large wallet events
The selected Whale Alert records below fall inside the reporting window after conversion to UTC-05:00. The feed represents a selected public alert set, so the table records identified large events rather than an exhaustive issuer ledger.
| Asset | Amount and action | Chain | Local time | Entity / Details |
|---|---|---|---|---|
| USDC | 127.419M burned at USDC Treasury 2 | Ethereum | Sep 2, 12:21 | Circle Treasury |
| USDC | 250.000M minted at USDC Treasury 3 | Solana | Sep 3, 23:07 | Circle Treasury |
| USDC | 250.000M minted at USDC Treasury 4 | Solana | Sep 7, 16:24 | Circle Treasury |
| USDC | 151.800M transferred from Unknown Wallet to Aave 5 | Ethereum | Sep 7, 19:09 | Protocol deposit |
| USDC | 250.000M minted at USDC Treasury 6 | Solana | Sep 8, 16:52 | Circle Treasury |
| USDC | 140.100M transferred from Unknown Wallet to Aave 7 | Ethereum | Sep 8, 19:10 | Protocol deposit |
Circle's USDC Treasury executed three separate 250.0M USDC mints on Solana ($750.0M total) alongside a 127.4M burn on Ethereum. Treasury mints represent authorized inventory creation by the issuer. This inventory expanded alongside a $487.9M net increase in Solana circulating USDC, pointing to genuine liquidity absorption across decentralized finance venues.
In decentralized lending, an unidentified wallet deposited two tranches totaling 291.9M USDC into Aave on Ethereum. These transfers demonstrate that institutional participants deployed large liquidity blocks directly into yield protocols even as net circulating supply on Ethereum edged lower.
Market cross-check
Major cryptocurrency benchmarks appreciated moderately alongside the stablecoin expansion.
| Asset / indicator | Snapshot | 7-day or period change |
|---|---|---|
| BTC | $79,526.61 8 | +3.17% over 7 days; +2.05% over 24 hours |
| ETH | $2,511.76 9 | +4.41% over 7 days; +2.05% over 24 hours |
| Crypto Fear & Greed | 66, Greed 10 | Previous reading: 63, Greed (Sep 2, 08:00 local) |
| Combined USDT + USDC exchange balance | Data temporarily unavailable | Public series unverified |
Bitcoin advanced 3.17% to $79,526.61, while Ethereum gained 4.41% to reach $2,511.76. Sentiment strengthened modestly from 63 to 66 within the Greed band. Stablecoin expansion coincided with rising spot valuations, reinforcing a constructive macro liquidity backdrop across the market.
What the snapshot establishes
The seven-day data provides several concrete signals alongside clear boundaries:
- Total stablecoin liquidity expanded. The Big-3 base gained $742.7M, reaching $262.532B. This pace represents an acceleration compared to the prior week's $215.5M increase 1.
- USDC drove aggregate expansion. USDC added $661.6M globally, propelled by $750.0M in authorized Solana mints and $487.9M in net Solana circulating absorption 13.
- Tron strengthened its USDT dominance. Tron absorbed $504.2M in USDT, while Ethereum experienced contractions in both USDT (-$272.3M) and USDC (-$184.2M) 1.
- DeFi protocols absorbed large capital blocks. Over 291.9M USDC entered Aave on Ethereum across two large transactions, showing active balance-sheet allocation 57.
Two core dimensions remain unverified this cycle:
- Bridge flow movements: Public aggregators such as the Artemis Flows portal displayed loading interfaces without historical weekly datasets 11. Consequently, route-by-route bridge netflows between chains remain unmeasured.
- Exchange on-chain reserves: CryptoQuant's exchange reserve portal remained behind an automated security challenge 12, while public Artemis exchange sub-routes returned 404 pages. Aggregate exchange-held stablecoin reserves remain unverified.
Traders should interpret the current environment as positive liquidity formation with pronounced cross-chain divergence, while verifying centralized exchange deployment through separate execution channels.
Method note: Supply figures use DeFiLlama's asset and chain snapshots.
Other chains represents the residual after Ethereum, Tron, Arbitrum, Solana, Polygon, Base, Avalanche, BSC, and Hyperliquid L1. Issuer and wallet events come from Whale Alert's public event records and are treated as treasury or routing evidence. Market figures use the linked public APIs. All displayed times are in UTC-05:00.For informational use only; this report offers no investment advice.
References
- 1DeFiLlama Stablecoins API
stablecoins.llama.fi
- 2
- 3
- 4
- 5
- 6
- 7
- 8CoinPaprika BTC ticker
api.coinpaprika.com
- 9CoinPaprika ETH ticker
api.coinpaprika.com
- 10Alternative.me Fear and Greed API
api.alternative.me
- 11Artemis Flows Portal
app.artemisanalytics.com
- 12CryptoQuant Exchange Reserve
cryptoquant.com
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