Stablecoin weekly: Big-3 adds $1.55B as Hyperliquid gains $982.6M in USDC (2026)

The aggregate circulating supply of the three largest stablecoins rose $1,549.7M over the seven days ending September 23, 2026 at 08:00 (UTC−05:00), to $263.374B, a 0.59% expansion that reverses last week's 0.36% contraction 1. USDC contributed $1,490.2M, USDT $30.0M and DAI $29.4M 1.

One line of that USDC figure has no week-ago counterpart. Arc, the Layer 1 Circle launched on September 16, holds $616.9M of USDC and appears in the source's chain breakdown with an empty previous-week field 1 2. Read as published, USDC grew $1,490.2M; set Arc aside from both weeks and USDC grew $873.4M, and the Big-3 $932.8M.

The supply also moved further than it grew. Hyperliquid L1 added $982.6M of USDC, the week's largest single-chain balance change, and Solana added $520.8M, while Ethereum lost $453.5M and Arbitrum $155.2M. USDT moved in the opposite direction on Solana, down $349.9M, and on Tron, down $238.2M, with Plasma up $239.0M, Ethereum up $145.9M and Avalanche up $100.0M 1.

Bitcoin traded at $85,372.36 and Ethereum at $2,715.35 on the same morning, up 13.08% and 13.71% over the seven days 3 4, and the sentiment index moved from 51 Neutral to 71 Greed 5.

Big-3 aggregate supply movements

Asset	Current supply	Previous-week supply	7-day change	Change
USDT	$183.405B	$183.375B	+$30.0M	+0.02%
USDC	$75.152B	$73.661B	+$1,490.2M	+2.02%
DAI	$4.817B	$4.788B	+$29.4M	+0.61%
Total Big-3	$263.374B	$261.824B	+$1,549.7M	+0.59%

DeFiLlama's asset-level response supplies the current and previous-week values for all three assets 1.

Stripping Arc out of the base-week comparison, USDC's 7-day increase becomes $873.4M, a 1.19% gain that still exceeds USDT's 0.02% by an order of magnitude. On DeFiLlama's own numbers, Arc's USDC balance has drifted from $649.2M on September 17 to $616.9M on September 23 6, so the $616.9M in the table above is a balance that has slipped $32.3M since the first day the source records it.

The same source puts the Big-3 $1,120.3M larger over 30 days on a like-for-like basis, with USDT up $215.0M, USDC up $875.7M and DAI up $29.7M 1. The final day of the window ran against the week, with the source's daily readings putting the Big-3 $640.6M below the day before: USDC down $580.8M, USDT down $91.1M and DAI up $31.3M 1.

Chain-level supply distribution

A chain balance records where a stablecoin sits at the snapshot moment. Each table below carries the same nine named chains plus one residual row, ordered by the size of the weekly change, with Plasma and Arc promoted into the USDT and USDC tables because each is among that asset's three largest movers.

USDT

Chain	Current supply	Previous-week supply	7-day change
Solana	$2.135B	$2.485B	−$349.9M
Plasma	$866.0M	$627.0M	+$239.0M
Tron	$92.388B	$92.627B	−$238.2M
Ethereum	$73.727B	$73.581B	+$145.9M
Other chains	$3.057B	$2.943B	+$113.8M
Avalanche	$391.9M	$291.9M	+$100.0M
Arbitrum	$834.6M	$811.0M	+$23.7M
Polygon	$736.2M	$741.1M	−$4.9M
Hyperliquid L1	$86.2M	$85.4M	+$0.8M
BSC	$9.182B	$9.182B	−$40K
Base	Not reported by source	Not reported by source	Not reported by source

Solana's USDT balance fell in three steps between September 16 and September 19, held at $2.116B for three days, then edged up to $2.136B, while Tron's decline arrived in two steps, one on September 19 and one on the final day 7. Tether issues natively on Tron, Ethereum and Solana, so a chain balance records only an endpoint; the chain the money left is absent from that record.

USDC

Chain	Current supply	Previous-week supply	7-day change
Hyperliquid L1	$7.734B	$6.751B	+$982.6M
Arc	$616.9M	Not reported by source	Not reported by source
Solana	$7.290B	$6.769B	+$520.8M
Ethereum	$46.365B	$46.819B	−$453.5M
Arbitrum	$2.167B	$2.322B	−$155.2M
Polygon	$1.609B	$1.659B	−$49.6M
Other chains	$3.025B	$3.064B	−$38.5M
Avalanche	$443.3M	$409.7M	+$33.6M
Base	$4.292B	$4.259B	+$33.0M
BSC	$1.582B	$1.582B	+$0.1M
Tron	$27.9M	$27.9M	+$4K

"Other chains" here is the residual after Arc is counted as its own line, which is why a bucket that lost $38.5M sits above two chains that gained. Hyperliquid L1's increase arrived across the week rather than in one transfer, most of it on September 19 and September 22 6. USDC on Hyperliquid L1 is the collateral that backs perpetual futures on that venue, so its balance measures margin parked there as much as it measures liquidity.

DAI

Chain	Current supply	Previous-week supply	7-day change
Ethereum	$4.184B	$4.161B	+$23.5M
Polygon	$501.5M	$495.7M	+$5.8M
Arbitrum	$15.7M	$15.5M	+$0.2M
Other chains	$73.2M	$73.4M	−$0.2M
Avalanche	$10.9M	$10.8M	+$0.1M
Solana	$510,000	$510,000	+$0
BSC	$31.1M	$31.1M	+$0
Tron	Not reported by source	Not reported by source	Not reported by source
Base	Not reported by source	Not reported by source	Not reported by source
Hyperliquid L1	Not reported by source	Not reported by source	Not reported by source

DAI's $29.4M weekly move is concentrated on its home chain, which is what a stable, Ethereum-anchored float looks like from week to week. Source for all three chain tables: 1.

Bridge-received supply

The same endpoint separates each chain's balance into the portion issued natively there and the portion that arrived over a bridge. Summing the bridge-received side gives the stablecoin float that sits behind a wrapped or bridged representation.

Asset	Bridge-received, Sep 23	Bridge-received, Sep 16	7-day change
USDT	$13.061B	$12.753B	+$308.3M
USDC	$4.063B	$3.892B	+$170.9M
DAI	$634.3M	$627.2M	+$7.1M
Total Big-3	$17.759B	$17.272B	+$486.3M

The largest single-chain moves inside that total:

Asset	Chain	Sep 16	Sep 23	Change
USDT	Plasma	$627.0M	$859.0M	+$231.9M
USDC	Hyperliquid L1	$441.1M	$605.7M	+$164.6M
USDT	OP Mainnet	$250.6M	$311.1M	+$60.5M
USDC	Tempo	$61.7M	$89.5M	+$27.8M
USDT	Arbitrum	$811.1M	$834.6M	+$23.4M
DAI	Polygon	$495.7M	$502.6M	+$6.9M

Source for both tables: 1 6 7.

Bridge-carried float grew 2.82% against 0.59% for total supply, so the bridged share of the Big-3 rose to 6.74% from 6.60%. Plasma is the clearest case: bridge-received USDT there rose $231.9M to $859.0M, which accounts for nearly the whole of the chain's weekly gain in the table above. The endpoint records how much arrived over a bridge and stops there; a bridge name, a source chain and a route pair are absent from the record, so these figures describe a stock of bridge-carried float rather than a set of transfers.

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. It is a record of identified large events rather than a complete issuance ledger.

Asset	Amount and action	Chain	Local time	Entity / details
USDT	100.0M to Bybit, three transfers at 08:31, 08:32 and 08:33 8 9 10	Ethereum	Sep 16, 08:31	Exchange deposits
USDC	199.2M minted at USDC Treasury 11	Ethereum	Sep 17, 12:04	Circle Treasury
USDT	130.0M from Bitfinex to Tether Treasury 12	Solana	Sep 17, 21:09	Rotation, leg 1
USDT	130.0M from Tether Treasury to Bitfinex 13	Ethereum	Sep 17, 21:17	Rotation, leg 2
USDT	150.0M from Binance to Tether Treasury 14	Ethereum	Sep 19, 14:42	Venue to issuer
USDT	269.6M from Ceffu to Binance 15	Ethereum	Sep 21, 02:10	Custodian to venue
USDT	160.0M from Bitfinex to Tether Treasury 16	Tron	Sep 21, 06:51	Rotation, leg 1
USDT	120.0M from Tether Treasury to Bitfinex 17	Ethereum	Sep 21, 06:53	Rotation, leg 2
USDC	130.0M from Coinbase to unknown wallet 18	Solana	Sep 21, 11:09	Venue outflow
USDC	110.5M from USDC Treasury to unknown wallet 19	Ethereum	Sep 21, 11:53	Unlabeled recipient
USDC	113.4M burned at USDC Treasury 20	Ethereum	Sep 21, 11:58	Circle Treasury

Two issuer-to-venue rotations bracket the week. On September 17 a Bitfinex balance left Solana for the Tether Treasury at 21:09 and $130.0M returned to Bitfinex on Ethereum eight minutes later; on September 21 the same exchange sent $160.0M out of Tron to the Treasury at 06:51 and received $120.0M back on Ethereum two minutes later. Each pair is a venue changing the network its balance sits on, with the second pair returning $40.0M less than it sent.

Whale Alert carried thirteen 250.0M USDC mints at the USDC Treasury on Solana between September 16 and September 22, $3,250.0M in total 21 22 23 24 25 26 27 28 29 30 31 32 33, six of them on September 21 alone. Solana's circulating USDC rose $520.8M over the same seven days. Against those mints the feed carried one burn of comparable scale, the $113.4M on Ethereum on September 21, which leaves the two directions side by side without a net figure.

The regular large-wallet pattern on Ethereum continued this week. On four nights, September 19 through September 22, an unlabeled address received 138.0M to 174.9M USDC from Aave between 18:33 and 18:36 local time and returned it between 35 and 60 minutes later 34 35 36 37 38 39 40 41. Three of the four round trips closed within $100,000 of where they started; the September 21 leg returned $144.6M against $138.0M received. Whale Alert labels the counterparty "Unknown Whale 1", so the operator stays unidentified.

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.

Venue	This-week average	Prior-week average	Change	Series
Binance	$48.982B	$49.284B	−$302.5M	Stable
OKX	$10.008B	$9.937B	+$70.8M	Stable
Bybit	$3.790B	$3.679B	+$111.1M	Volatile
MEXC	$2.154B	$2.113B	+$40.3M	Stable
KuCoin	$1.047B	$961M	+$86.1M	Mixed
Bitget	$977M	$871M	+$105.4M	Volatile
Deribit	$742M	$749M	−$6.1M	Stable
BingX	$351M	$353M	−$1.8M	Stable
Gate	$303M	$323M	−$19.8M	Mixed
Bitfinex	$283M	$290M	−$6.4M	Volatile
Crypto.com	$188M	$175M	+$12.2M	Volatile
All 80 tracked venues	$69.946B	$69.861B	+$85.3M	—
Venues with stable series	$62.869B	$63.064B	−$195.7M	—

Venue sources: 42 43 44 45 46 47 48 49 50 51 52 53.

This edition widened the venue set from the fourteen exchanges it carried last week to every venue DeFiLlama reports a USDT, USDC or DAI balance for, which is eighty. On the fourteen-venue set alone the weekly average is $67.898B against $67.805B, a $93.1M increase. The two aggregate rows disagree because of the volatile series. Bybit's tracked balance fell $1,571M in a single day on September 17, Bitfinex's moved by more than its entire $290M level on September 11, and Bitget's by about 30% of its level. Wallets entering and leaving a tracked set produce moves of that size. Restricted to the 27 venues whose daily readings stay within 5% of their level, USDT rose to $51.975B from $51.938B while USDC slipped to $10.872B from $11.104B, a $195.7M decline overall 42 43 45.

Read either way, exchange balances were flat across a week in which supply grew $1.55B and prices rose about 13%. The new float gathered in the venues and chains that hold collateral, and on the venues that can be read cleanly USDC was the asset that left.

Market cross-check

Asset / indicator	Snapshot	Change
BTC	$85,372.36 3	+13.08% over 7 days; −0.77% over 24 hours
ETH	$2,715.35 4	+13.71% over 7 days; −1.29% over 24 hours
Crypto Fear & Greed	71, Greed 5	51, Neutral on September 16
BTC perpetual funding, OKX	0.01% per 8 hours 54	Venue baseline rate
BTC perpetual funding, Hyperliquid	0.00125% per hour 55	0.03% per day, open interest $3.93B

Bitcoin and Ethereum each gained about 13% across the same seven days the stablecoin float expanded 0.59% and sentiment moved from Neutral to Greed. Perpetual funding sat at or near each venue's neutral rate while prices rose: 0.01% per eight hours on OKX's BTC swap and 0.00125% per hour on Hyperliquid. A 13% gain alongside neutral funding points to spot demand, because crowded leveraged longs push those rates higher. Hyperliquid L1, which holds the collateral that backs perpetual futures on that venue, added $982.6M of USDC over the same seven days.

What the snapshot establishes

The Big-3 expanded $1,549.7M, its largest weekly gain since August 26. The base reached $263.374B after last week's $945.1M contraction 1.
USDC carried the move, and a new chain carried USDC. USDC rose $1,490.2M, with $616.9M of it sitting on Arc, which launched September 16 and has no previous-week value 2. Excluding Arc from both weeks, USDC grew $873.4M.
Collateral venues absorbed the dollars. Hyperliquid L1 gained $982.6M of USDC and Solana $520.8M while Ethereum lost $453.5M and Arbitrum $155.2M 1.
USDT stayed flat while rotating. A $30.0M global change contained $349.9M out of Solana and $238.2M out of Tron against $239.0M into Plasma, $145.9M into Ethereum and $100.0M into Avalanche 1.
Circle minted 250.0M USDC on Solana thirteen times. $3,250.0M of gross issuance arrived there while Solana's USDC balance rose $520.8M 21.
Exchange buying power did not absorb the new supply. The stable-series venues averaged $195.7M lower, with USDT up $36.7M and USDC down $232.1M 42.
Bridge-carried float grew faster than the market. Bridge-received supply rose 2.82% to $17.759B against 0.59% for total supply, lifting its share to 6.74% 1.

Three dimensions stay 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 the public alternatives reached this week report one protocol's own traffic, cap their history at about eleven minutes of records, or accept 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 $1,490.2M USDC increase sit beside each other without a reconciliation. Netting the two directions needs a burn record comparable in size to the Solana mint series.

Method note: supply figures come from DeFiLlama's asset and chain snapshots taken at 2026-09-23 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 the source does not report is marked as such rather than given a value. Arc entered DeFiLlama's USDC chain breakdown on September 17 with no previous-week value, so the Big-3 and USDC weekly changes are also given with Arc excluded from both weeks. DeFiLlama restated several chain-level figures after last week's edition, Solana's USDT balance by about $141M among them, so week-over-week chain figures here come from one same-moment pull and differ from the levels printed a week ago. Bridge-received figures come from the per-asset series for each stablecoin, summed across chains and taken at that series' own daily snapshot; it records how much of each chain balance arrived over a bridge, with the bridge and the route identity absent. 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 September 17 to September 23 and September 10 to September 16; a venue counts as stable when 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.