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Stablecoin weekly: Big-3 flat as USDT adds $482.5M and USDC sheds $368.0M
2026-10-07

Stablecoin weekly: Big-3 flat as USDT adds $482.5M and USDC sheds $368.0M

The Big-3 stablecoin float ended the week essentially flat at $263.294B as USDT added $482.5M across Ethereum, Solana and Tron while USDC shed $368.0M on Ethereum, with $3,100.0M of new USDC minted against a total that still fell.

Stablecoin Liquidity
Stablecoin Liquidity@NeoDrop Official
The aggregate circulating supply of the three largest stablecoins closed the seven days to October 7, 2026 at 08:00 (UTC−05:00) at $263.294B, up $102.8M, or 0.04%, from a week earlier 1. A headline that flat sat over a large internal rotation: USDT added $482.5M, USDC lost $368.0M and DAI lost $11.7M, so the two biggest assets moved $850.5M against each other while the total held still 1.
Almost all of USDT's gain landed on the three chains where Tether issues natively. Ethereum added $299.8M, Solana $189.0M and Tron $169.8M, and those three together carried $176.1M more than the asset's global increase, because Avalanche, Plasma and Arbitrum gave back $174.5M between them 1.
USDC's decline was an Ethereum story. That chain fell $393.3M while Solana added $29.1M, Base $31.7M and Polygon $31.0M 1. Circle's own per-chain API, which refreshes through the day, put total USDC at $74.109B at 13:05 UTC on October 7, within 0.14% of the DeFiLlama figure 2.
Bitcoin traded at $83,502.12 and Ethereum at $2,566.89, down 1.03% and 5.06% across the same seven days 34, and the sentiment index read 71, Greed, exactly where it stood a week earlier 5.

Big-3 aggregate supply movements

AssetCurrent supplyPrevious-week supply7-day changeChange
USDT$184.296B$183.814B+$482.5M+0.26%
USDC$74.210B$74.578B−$368.0M−0.49%
DAI$4.788B$4.799B−$11.7M−0.24%
Total Big-3$263.294B$263.191B+$102.8M+0.04%
DeFiLlama's asset-level response supplies the current and previous-week values for all three assets 1.
Over 30 days the Big-3 is $415.4M larger, with USDT up $942.3M, USDC down $498.8M and DAI down $28.1M 1. The final day added $18.8M to the total, $144.8M of it USDT against a $114.0M USDC decline 1.
A second supply series agrees on direction. CoinMetrics' circulating-supply metric puts USDC at $65.004B on October 6 against $66.514B on September 27, while its USDT series sat near $189.14B across the same stretch, moving by less than 0.01% 6. Its levels run above DeFiLlama's and its window is nine days, 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 carries the same nine named chains plus one residual row, ordered by the size of the weekly change.

USDT

ChainCurrent supplyPrevious-week supply7-day change
Ethereum$73.772B$73.472B+$299.8M
Solana$2.914B$2.725B+$189.0M
Tron$92.684B$92.515B+$169.8M
Avalanche$321.2M$391.9M−$70.7M
Other chains$3.727B$3.785B−$57.7M
Arbitrum$832.4M$881.3M−$48.9M
Hyperliquid L1$66.8M$65.0M+$1.8M
Polygon$795.0M$795.5M−$0.5M
BSC$9.1832B$9.1832B$0.0M
BaseNot reported by sourceNot reported by sourceNot reported by source
The residual decline spreads across many chains rather than one: Mantle shed $6.8M, Monad $6.5M and X Layer $2.2M, and each of the other 105 chains moved by less than $2M 7. Solana's USDT balance rose $189.0M to $2.914B, the second-largest gain on any chain in this snapshot after Ethereum's 7.

USDC

ChainCurrent supplyPrevious-week supply7-day change
Ethereum$45.646B$46.039B−$393.3M
Hyperliquid L1$7.321B$7.414B−$92.5M
Base$4.390B$4.359B+$31.7M
Polygon$1.652B$1.621B+$31.0M
Solana$7.241B$7.212B+$29.1M
Other chains$3.537B$3.519B+$18.9M
Arbitrum$2.357B$2.342B+$15.4M
Avalanche$448.9M$457.2M−$8.3M
BSC$1.5890B$1.5890B$0.0M
Tron$27.9M$27.9M+$0.0M
Ethereum's drop covers the asset's entire weekly decline and $25.3M beyond it, and Hyperliquid L1 followed it down $92.5M, the second week in a row that venue's USDC balance has fallen 8. Two chains inside the residual bucket moved more than several rows above them: Cronos lost $50.8M and Near gained $40.3M 8. Arc, the Layer 1 Circle launched in September, added $30.0M to $495.4M 8.

DAI

ChainCurrent supplyPrevious-week supply7-day change
Polygon$456.0M$470.2M−$14.3M
Ethereum$4.1991B$4.1964B+$2.7M
Other chains$72.8M$72.9M−$0.1M
Arbitrum$16.9M$16.9M+$0.0M
Avalanche$11.2M$11.2M+$0.0M
BSC$31.1M$31.1M+$0.0M
Solana$510,300$510,300$0.0M
TronNot reported by sourceNot reported by sourceNot reported by source
BaseNot reported by sourceNot reported by sourceNot reported by source
Hyperliquid L1Not reported by sourceNot reported by sourceNot reported by source
DAI's $11.7M weekly move is almost entirely Polygon, which gave back $14.3M while the home chain added $2.7M. Source for all three chain tables: 1.

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 7Bridge-received, Sep 307-day change
USDT$13.068B$13.142B−$74.1M
USDC$3.819B$3.824B−$5.0M
DAI$591.0M$602.9M−$11.9M
Total Big-3$17.478B$17.569B−$91.0M
The largest single-chain moves inside that total:
AssetChainSep 30Oct 7Change
USDCCronos$179.4M$128.9M−$50.5M
USDTArbitrum$881.5M$838.5M−$43.0M
USDTPlasma$865.6M$834.3M−$31.3M
USDCPolygon$1.008B$1.026B+$18.5M
USDCTempo$79.4M$94.9M+$15.5M
USDTOP Mainnet$327.4M$340.4M+$13.0M
USDCMantle$12.8M$25.1M+$12.3M
Source for both tables: 1789.
Bridge-carried float fell 0.52% while total supply rose 0.04%, taking the bridged share of the Big-3 to 6.64% from 6.68%. A chain's bridge-received change and its total balance change measure different things, and Cronos shows the gap: its overall USDC balance fell $50.8M and $50.5M of that was bridge-carried, so nearly the whole decline was wrapped USDC leaving. 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
USDT277.2M from Binance to unknown wallet 10SolanaSep 30, 21:44Venue outflow
USDC250.0M minted at USDC Treasury 11SolanaOct 1, 09:12Circle Treasury
USDC100.0M minted at USDC Treasury 12EthereumOct 1, 13:15Circle Treasury
USDT110.0M from Bitfinex to Tether Treasury 13TronOct 1, 19:53Rotation, leg 1
USDT110.0M from Tether Treasury to Bitfinex 14EthereumOct 1, 19:56Rotation, leg 2
USDT500.0M from Binance to Tether Treasury 15EthereumOct 2, 08:30Rotation, leg 1
USDT500.0M from Tether Treasury to Binance 16TronOct 2, 08:52Rotation, leg 2
USDT200.0M from Binance to unknown wallet 17EthereumOct 2, 11:58Venue outflow
USDC150.8M from Aave to unlabeled wallet 18EthereumOct 2, 18:33Round trip, leg 1
USDC150.8M from unlabeled wallet to Aave 19EthereumOct 2, 19:07Round trip, leg 2
USDC155.0M from Aave to unlabeled wallet 20EthereumOct 3, 18:33Round trip, leg 1
USDC155.0M from unlabeled wallet to Aave 21EthereumOct 3, 19:08Round trip, leg 2
USDC149.6M from Aave to unlabeled wallet 22EthereumOct 4, 18:35Round trip, leg 1
USDC149.6M from unlabeled wallet to Aave 23EthereumOct 4, 19:08Round trip, leg 2
USDT120.0M from Bitfinex to Tether Treasury 24TronOct 5, 09:43Rotation, leg 1
USDT120.0M from Tether Treasury to Bitfinex 25EthereumOct 5, 09:45Rotation, leg 2
USDC100.6M from USDC Treasury to unknown wallet 26EthereumOct 5, 13:27Treasury deployment
USDC129.3M from Aave to unlabeled wallet 27EthereumOct 5, 18:34Round trip, leg 1
USDC129.3M from unlabeled wallet to Aave 28EthereumOct 5, 19:09Round trip, leg 2
USDC133.8M from Aave to unlabeled wallet 29EthereumOct 6, 18:58Round trip, leg 1
USDC133.8M from unlabeled wallet to Aave 30EthereumOct 6, 19:29Round trip, leg 2
USDT120.0M from Bitfinex to Tether Treasury 31TronOct 6, 22:53Rotation, leg 1
USDT150.0M from Tether Treasury to Bitfinex 32EthereumOct 6, 22:57Rotation, leg 2
USDT100.0M from Aave to unknown wallet 33EthereumOct 6, 22:04Protocol outflow
USDT122.7M from OKX to unknown wallet 34TronOct 7, 03:58Venue outflow
Whale Alert carried thirteen USDC Treasury mints inside the window, $3,100.0M in total. Twelve of them were 250.0M on Solana, $3,000.0M together, running from October 1 through October 6; the thirteenth was 100.0M on Ethereum on October 1 11123536373839404142434445. Against $3,100.0M of verified issuance the same sweep turned up no USDC Treasury burn inside the window, and USDC's circulating supply still fell $368.0M. Solana's USDC balance gained $29.1M across the seven days while $3,000.0M was minted there, so the minted dollars left that chain about as fast as they arrived.
Three issuer-to-venue rotations ran through the week on the same pattern as previous issues. On October 1 Bitfinex returned $110.0M to the Tether Treasury on Tron at 19:53 local and drew the same amount back on Ethereum three minutes later; on October 5 the pair ran $120.0M through the same two networks two and a half minutes apart; on October 2 Binance sent $500.0M out of Ethereum to the treasury at 08:30 and received $500.0M back on Tron 22 minutes later. The amount in each rotation is unchanged and the endpoint moves, which is inventory routing rather than new issuance 131524.
The nightly large-wallet round trip on Ethereum appeared on five of the seven nights, after eight appearances in the previous window. An address Whale Alert labels "Unknown Whale 1" drew between $129.3M and $155.0M out of Aave between 18:33 and 18:58 local time and returned it 31 to 35 minutes later, with the returned amount matching the withdrawal to within a few hundred dollars each time 1820222729. 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$48.593B$48.948B−$355.3MStable
OKX$10.176B$10.234B−$58.3MStable
Bybit$4.215B$3.870B+$345.4MMixed
MEXC$2.041B$2.090B−$48.2MStable
KuCoin$1.083B$1.070B+$12.9MStable
Bitget$1.050B$962M+$88.5MMixed
Bitfinex$399M$370M+$28.5MMixed
BingX$369M$367M+$1.1MStable
Gate$284M$284M$0.0MMixed
Crypto.com$160M$179M−$19.7MMixed
Phemex$132M$125M+$7.4MStable
Bitmex$110M$107M+$3.0MStable
Deribit$100M$836M−$735.5MVolatile
All 80 tracked venues$69.554B$70.326B−$772.6M—
Venues with stable series$62.813B$63.252B−$438.8M—
Venue sources: 4647484950515253545556575859.
The all-venue figure and the stable subset disagree by $333.8M, and one venue explains most of it. Deribit's tracked stablecoin balance moved from $906.8M on October 1 to $54.5M on October 2, an $852M step in a single day, which reads as a change in the wallet set rather than money leaving the venue; that series failed the steadiness screen used for the subset. The same screen put Bybit and Bitget in its middle band, with tracked balances moving by 9.8% and 7.3% of their levels across the fortnight.
The stable subset is 25 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 $62.813B of the $69.554B total. Inside it, USDT sits at $52.686B and USDC at $10.107B 464749. The two venues that carry the most volume both shed balances — Binance $355.3M and OKX $58.3M — while the two largest gains, Bybit's $345.4M and Bitget's $88.5M, sit on series that jump enough to make a weekly comparison uncertain.

Market cross-check

Asset / indicatorSnapshotChange
BTC$83,502.12 3−1.03% over 7 days; −3.25% over 24 hours
ETH$2,566.89 4−5.06% over 7 days; −5.43% over 24 hours
Crypto Fear & Greed71, Greed 571, Greed on September 30
BTC perpetual funding, OKX0.00198% per 8 hours 60Down from 0.0047%; venue baseline 0.01%
BTC perpetual funding, Hyperliquid0.00125% per hour 610.03% per day, open interest $3.36B
Stablecoin supply stood its ground while prices fell. Bitcoin ended the week 1.03% lower and Ethereum 5.06% lower, with most of the Ethereum move inside the last 24 hours, and the sentiment index ended the week at 71 Greed, where it began it. Derivatives positioning softened rather than flipped: OKX's BTC swap funding rate fell to 0.00198% per eight hours from 0.0047%, both below that venue's 0.01% neutral line, and Hyperliquid's hourly rate was unchanged at 0.00125% with open interest up to $3.36B from $2.87B.

What the snapshot establishes

  1. The Big-3 was flat and internally divided. The total rose $102.8M to $263.294B, while USDT gained $482.5M and USDC lost $368.0M 1.
  2. USDT grew on its three issuing chains. Ethereum, Solana and Tron added $658.6M between them, against $174.5M given back on Avalanche, Plasma and Arbitrum 1.
  3. USDC's decline was Ethereum's. Ethereum shed $393.3M while Solana, Base and Polygon added a combined $91.8M 1.
  4. Circle minted $3,100.0M of USDC. Twelve 250.0M mints landed on Solana for $3,000.0M of the total, and Solana's USDC balance gained $29.1M across the same seven days 11.
  5. Exchange buying power held flat. The 25 venues with readable series averaged $438.8M lower and the all-venue figure $772.6M lower, with the second number driven by a tracked-set change at Deribit rather than by flows 46.
  6. Wrapped float shrank. Bridge-received supply fell $91.0M to $17.478B, taking its share of the Big-3 to 6.64% from 6.68% 1.
  7. Tether's treasury stayed in motion without issuing. Three rotation pairs moved $110.0M, $120.0M and $500.0M between venues and the treasury without changing the amount outstanding 13.
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 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 $29.1M gain in that chain's balance.
Method note: supply figures come from DeFiLlama's asset and chain snapshots taken at 2026-10-07 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 September 30 edition. Bridge-received figures sum the per-asset series' bridgedTo field across chains, excluding chains whose series stopped updating, and are taken at that series' own daily snapshot dated 00:00 UTC; the chain tables come from the summary endpoint's later snapshot, so a chain's table change and its bridge-received change can differ by a few million dollars. 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 1 to October 7 and September 24 to September 30; the source restated the prior week by about $100M 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
    DeFiLlama USDT endpoint

    stablecoins.llama.fi

  8. 8
    DeFiLlama USDC endpoint

    stablecoins.llama.fi

  9. 9
    DeFiLlama DAI endpoint

    stablecoins.llama.fi

  10. 10
    Whale Alert, 277.2M USDT from Binance

    x.com

  11. 11
    Whale Alert, 250M USDC mint

    x.com

  12. 12
    Whale Alert, 100M USDC mint

    x.com

  13. 13
    Whale Alert, 110M USDT to Tether Treasury

    x.com

  14. 14
    Whale Alert, 110M USDT to Bitfinex

    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, 200M USDT from Binance

    x.com

  18. 18
    Whale Alert, Aave to unlabeled wallet

    x.com

  19. 19
    Whale Alert, unlabeled wallet to Aave

    x.com

  20. 20
    Whale Alert, Aave to unlabeled wallet

    x.com

  21. 21
    Whale Alert, unlabeled wallet to Aave

    x.com

  22. 22
    Whale Alert, Aave to unlabeled wallet

    x.com

  23. 23
    Whale Alert, unlabeled wallet to Aave

    x.com

  24. 24
    Whale Alert, 120M USDT to Tether Treasury

    x.com

  25. 25
    Whale Alert, 120M USDT to Bitfinex

    x.com

  26. 26
    Whale Alert, 100.6M USDC from USDC Treasury

    x.com

  27. 27
    Whale Alert, Aave to unlabeled wallet

    x.com

  28. 28
    Whale Alert, unlabeled wallet to Aave

    x.com

  29. 29
    Whale Alert, Aave to unlabeled wallet

    x.com

  30. 30
    Whale Alert, unlabeled wallet to Aave

    x.com

  31. 31
    Whale Alert, 120M USDT to Tether Treasury

    x.com

  32. 32
    Whale Alert, 150M USDT to Bitfinex

    x.com

  33. 33
    Whale Alert, 100M USDT from Aave

    x.com

  34. 34
    Whale Alert, 122.7M USDT from OKX

    x.com

  35. 35
    Whale Alert, 250M USDC mint

    x.com

  36. 36
    Whale Alert, 250M USDC mint

    x.com

  37. 37
    Whale Alert, 250M USDC mint

    x.com

  38. 38
    Whale Alert, 250M USDC mint

    x.com

  39. 39
    Whale Alert, 250M USDC mint

    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
    DeFiLlama tracked wallets, Binance CEX

    api.llama.fi

  47. 47
    DeFiLlama tracked wallets, OKX

    api.llama.fi

  48. 48
    DeFiLlama tracked wallets, Bybit

    api.llama.fi

  49. 49
    DeFiLlama tracked wallets, MEXC

    api.llama.fi

  50. 50
    DeFiLlama tracked wallets, KuCoin

    api.llama.fi

  51. 51
    DeFiLlama tracked wallets, Bitget

    api.llama.fi

  52. 52
    DeFiLlama tracked wallets, Bitfinex

    api.llama.fi

  53. 53
    DeFiLlama tracked wallets, BingX

    api.llama.fi

  54. 54
    DeFiLlama tracked wallets, Gate

    api.llama.fi

  55. 55
    DeFiLlama tracked wallets, Crypto.com

    api.llama.fi

  56. 56
    DeFiLlama tracked wallets, Phemex

    api.llama.fi

  57. 57
    DeFiLlama tracked wallets, Bitmex

    api.llama.fi

  58. 58
    DeFiLlama tracked wallets, Deribit

    api.llama.fi

  59. 59
    DeFiLlama CEX tracker

    api.llama.fi

  60. 60
    OKX funding rate, BTC-USDT swap

    okx.com

  61. 61
    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