logo
    • Buy Crypto
    • Markets
    • Futures
    • Spot
    • Earn
    • Affiliates & AI
    • More
    1. WEEX
    2. Crypto News
    3. Under the Trillion-Dollar Transfer Scale: Who is Driving On-Chain Transactions of USDC and USDT?

    Under the Trillion-Dollar Transfer Scale: Who is Driving On-Chain Transactions of USDC and USDT?

    By: foresightnews.pro|2026/08/12 06:00:26
    0
    Share
    copy
    Prefer us on GooglePrefer us on Google
    CROSSCROSS
    00.00%--
    MORPHOMORPHO
    00.00%--
    GASGAS
    00.00%--
     

    Despite USDT's market capitalization exceeding USDC by $100 billion, USDC's annualized turnover rate is ten times that of USDT.


    Written by: Tanay Ved, Coin Metrics

    Compiled by: Luffy, Foresight News


    Stablecoins have evolved from trading tools into the cornerstone of on-chain liquidity, providing around-the-clock, global value storage, transfer, and settlement channels. Since 2025, the on-chain settlement scale of stablecoins has decoupled from the spot trading volume of cryptocurrencies. This year, the adjusted on-chain transfer volume of stablecoins once exceeded $250 billion daily, while exchange trading volumes have dropped to about $18 billion per day.


    From 2026 to the present, stablecoins have achieved a cumulative adjusted transfer total of $41.7 trillion. Although the total issuance of stablecoins has recently declined, the on-chain turnover frequency of unit funds has continued to rise compared to previous years. The application scenarios are also continuously expanding, covering exchange liquidity management, DeFi collateral scheduling, as well as emerging personal payments and corporate cross-border capital flows.


    This article penetrates the trillion-dollar stablecoin transfer phenomenon, analyzing the turnover rates of USDC and USDT, and dissecting the driving factors behind the massive transaction volumes on major public chains. The research builds on previous articles such as "The Peculiar Phenomenon of USDC on the Base Chain," which found that about 50% of USDC transfers on the Base Layer 2 network come from DeFi infrastructure (DEX market making, flash loans). We conducted a bottom-up analysis of the transfer composition of USDC and USDT on Ethereum, Base, and TRON chains.


    Issuance and Turnover Rate


    Issuance represents the monetary base scale of stablecoins, while turnover rate measures the frequency of existing funds being transferred on-chain. By combining these two indicators, we can determine whether stablecoins are in a state of frequent circulation or simply idling as value storage tools. This distinction is also at the core of the "CLARITY Act," which encourages incentives based on real trading activities and does not promote merely holding tokens for profit.


    From this perspective, USDC has a significant advantage. Data from 2026 shows that USDC's annualized (adjusted supply) turnover rate is 741 times, reaching ten times that of USDT (74 times), even though USDT's market capitalization exceeds $100 billion. This means that, relative to the total circulation, the on-chain turnover frequency of USDC is much higher than that of USDT.


    Issuance and turnover rate of stablecoins, data source: Talos Network Data Pro


    The implementation of the "GENIUS Act" in 2025 brought regulatory benefits to USDC, continuously consolidating its network effects in the compliant market in the U.S., DeFi, and institutional settlement fields. In contrast, USDT's advantages stem from its first-mover advantage, demand in emerging overseas markets, and deep integration with the TRON chain, where there is strong demand for dollar assets and cross-border remittances.


    USDC, issued by Circle, surpassed USDT in adjusted transfer totals as early as 2024, and the lead has continued to expand this year. As of August 2026, USDC's cumulative settlement transfer scale reached $32 trillion, accounting for 77% of the stablecoin market share; USDT's transfer scale was $8 trillion, accounting for 19%. Although USDC still leads, the gap between the two is narrowing, with USDC's daily transfer volume falling below $100 billion.


    Adjusted transfer volumes of USDC and USDT, data source: Talos Network Data Pro


    According to Circle's Q2 2026 financial report, USDC's on-chain transaction scale in Q2 grew by 151% year-on-year, reaching $14.8 trillion, but the growth rate of circulating supply was far below that of transactions. Currently, about 95% of Circle's revenue still comes from reserve interest rather than transaction fees. Circle's self-developed Layer 1 blockchain, Arc, is an important layout for creating sources of transaction fee revenue. Therefore, clarifying the underlying driving factors of USDC's transaction volume is of great significance.


    The following will dissect the transaction composition of USDC on Ethereum and Base networks, as well as USDT on Ethereum and TRON chains, which carry the vast majority of stablecoin transfer activities.


    Composition of USDC and USDT Transfers


    To explore the reasons behind the massive transaction volumes, we continue the research framework of USDC on the Base chain, employing a bottom-up analysis method. For each public chain and each stablecoin, we mark the core contracts that generate high-frequency mechanical transfers: leading protocols in the flash loan lending market, major liquidity pools of mainstream DEXs on each chain, and known exchange wallet addresses. All transactions are categorized into three types: flash loans, DEX liquidity provision, and centralized exchange fund transfers.


    The research is based on Talos's original transfer data, calculating the proportion of each type of transaction in the total transfer scale of the public chain. The marked classification is only a lower limit estimate, and the remaining portion includes unidentified behaviors: payments, cross-chain bridge transfers, treasury fund scheduling, and other various settlement activities.


    USDC on the Base Chain


    The Layer 2 network Base, launched by Coinbase, is the primary arena for USDC transfers in 2026. Transactions are highly concentrated, with over 90% of USDC transfers on the Base chain completed through three contracts. Throughout the year, the Aerodrome decentralized exchange contributed the largest transaction volume for liquidity market making; in the second half of the year, flash loan arbitrage activities relying on the Morpho protocol rapidly rose. In June, the daily flash loan transfer volume once exceeded $500 billion. Base's low fees and ample USDC liquidity make it suitable for large-scale high-frequency automated strategy operations.


    • Flash loans, 23%: Bots complete uncollateralized borrowing and repayment within a single transaction, executing cross-market arbitrage using Morpho's unified contract.
    • DEX liquidity provision, 69%: Automated strategies continuously adjust the liquidity of Aerodrome's two major funds pools in response to price fluctuations, creating massive notional transaction volumes, but net funds and positions remain virtually unchanged.
    • Others, about 8%: Activities outside the marked flash loan and liquidity pool contracts.

    Monthly transaction volume of USDC on the Base chain, data source: Talos CM ATLAS


    USDC on Ethereum


    USDC transactions on the Ethereum chain are more concentrated in flash loans, accounting for 65% of the total transfer volume, nearly three times that of the Base chain. Ethereum's USDC liquidity is deep, and the lending ecosystem is well-developed, making it suitable for large-scale flash loan arbitrage; however, the high gas fees make it difficult to support the continuous liquidity rebalancing behavior seen on the Base network.


    • Flash loans: 65%
    • DEX liquidity provision: 0.3%
    • Centralized exchange fund transfers: 2%
    • Other unclassified activities: about 33%

    Monthly transaction volume of USDC on Ethereum, data source: Talos CM ATLAS


    USDT on Ethereum


    Flash loans also occupy an important share of USDT transaction volume on Ethereum, but the proportion is lower than that of USDC on the same chain. Centralized exchange fund transfers account for a higher proportion, aligning with USDT's long-term role in serving exchange settlements and liquidity allocation. The statistical scope includes known deposit and withdrawal wallets of centralized exchanges such as Binance and OKX, covering user deposits and withdrawals, as well as internal transfers between exchange hot and cold wallets.


    • Flash loans, 46%
    • DEX liquidity provision, 0.3%: Mainly for Uniswap V3 USDT/WETH trading pool.
    • Centralized exchange fund transfers, 9%: Covering deposit and withdrawal flows from over 30 centralized exchange wallets.
    • Other unclassified activities, about 45%

    Monthly transaction volume of USDT on Ethereum, data source: Talos CM ATLAS


    USDT on TRON


    The usage pattern of USDT on the TRON chain is entirely different. The flash loans and DEX market-making activities that drive large transaction volumes on Base and Ethereum are almost negligible. Among the identified flows, centralized exchange fund transfers account for the highest proportion, reflecting TRON's role as a low-cost channel for handling a large volume of exchange deposit and withdrawal business. The proportion of unclassified flows is as high as 80%, the highest among all statistical chains, likely including cross-border remittances and various payment scenarios.


    • Flash loans, almost none: Lending protocols like JustLend have not generated significant related transaction volumes.
    • DEX liquidity provision, 0.2%: Distributed across four Sunswap trading pools.
    • Centralized exchange fund transfers, 19%: Covering deposit and withdrawal flows from 33 overseas exchanges such as Binance, OKX, and Bybit.
    • Other unclassified activities, about 80%

    Monthly transaction volume of USDT on TRON, data source: Talos CM ATLAS


    The analysis results clearly show the structural differences in stablecoin ecosystems across different public chains. The transaction volume of USDC on Base and Ethereum is primarily driven by flash loans and liquidity rebalancing; Ethereum's USDT balances flash loans with exchange fund transfers; TRON's USDT has almost no large-scale DeFi transactions while having the largest volume of unmarked transactions.


    Data source: Talos CM ATLAS, Talos Network Data Pro


    Conclusion


    The scale of on-chain transfers of stablecoins has reached a considerable level, often compared to global mainstream payment networks. However, the vast majority of current transaction volumes essentially represent liquidity management within the cryptocurrency market: liquidity provisioning and rebalancing, arbitrage execution, and cross-platform fund settlements. These applications are real and effective, enhancing liquidity, trading efficiency, and global accessibility in the cryptocurrency asset market.


    At the same time, one cannot simply equate the surface-level massive transfer volumes with personal payments or activities in the real economy. At this stage, stablecoins primarily serve as the settlement layer for the cryptocurrency asset market, while payments, cross-border remittances, and corporate B2B scenarios are still being cultivated. Looking ahead, the importance of transaction quality for stablecoins will be no less than that of transaction scale. The differences in issuance and turnover rates can intuitively reflect how stablecoin funds circulate and allocate within the cryptocurrency market.

    -- Price

    --
    --
    --

    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

    You may also like

    Crypto Attacks in France: Suspect M1llionz Shows Off on TikTok

    Crypto Attacks in France: Suspect M1llionz Shows Off on TikTok

    How Cryptocurrency Transfers Abroad Will Be Organized Starting September 1

    How Cryptocurrency Transfers Abroad Will Be Organized Starting September 1

    Starting September 1, cryptocurrency transfers abroad will be available to individuals, sole proprietors, and companies engaged in foreign economic transactions, announced Alexey Korolenko, CEO of the crypto broker Cifra Markets. However, within Russia, cryptocurrency settlements will still remain p...
    Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework

    Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework

    What is Bitcoin dominance and how to read its chart

    What is Bitcoin dominance and how to read its chart

    What is a margin call? A guide to forced selling and leverage risk

    What is a margin call? A guide to forced selling and leverage risk

    Norway to Continue Oil and Gas Production in the Arctic, Ignoring EU Position

    Norway to Continue Oil and Gas Production in the Arctic, Ignoring EU Position

    Current Top Cryptocurrencies: The Second Ten Digital Assets Changing the Market

    Current Top Cryptocurrencies: The Second Ten Digital Assets Changing the Market

    The current top cryptocurrencies are increasingly resembling a map of new financial infrastructure rather than a list of hype coins: here, not only price and market capitalization matter, but also the real utility for users, businesses, and decentralized financial services. The market capitalization...
    Alibaba Cloud Wan3.0 Video Generation Model Launched, Supports 30-Second Video Generation

    Alibaba Cloud Wan3.0 Video Generation Model Launched, Supports 30-Second Video Generation

    Grayscale's Interpretation of Zcash: How Much is Financial Privacy Worth in the Age of AI?

    Grayscale's Interpretation of Zcash: How Much is Financial Privacy Worth in the Age of AI?

    USDC Surpasses $200 Million in Managed Assets After Launch on OSL StableHub

    USDC Surpasses $200 Million in Managed Assets After Launch on OSL StableHub

    Is Everyone Claiming to Do AgentPay: Is There Really a Scenario or Just Narrative Packaging?

    Is Everyone Claiming to Do AgentPay: Is There Really a Scenario or Just Narrative Packaging?

    User Loses 550,000 USDC After Clicking Google Ads

    User Loses 550,000 USDC After Clicking Google Ads

    Bank of Russia eases qualified investor rules ahead of crypto rollout

    Bank of Russia eases qualified investor rules ahead of crypto rollout

    European Carbon Costs High: Bitcoin Mining Migrates to Russia

    European Carbon Costs High: Bitcoin Mining Migrates to Russia

    Banks and regulators launch quantum safe crypto pilot

    Banks and regulators launch quantum safe crypto pilot

    Top 20 Cryptocurrencies: New Market Leaders and the Battle for Infrastructure

    Top 20 Cryptocurrencies: New Market Leaders and the Battle for Infrastructure

    The top 20 cryptocurrencies by mid-2026 illustrate how rapidly the digital asset market is changing: Bitcoin retains its role as the main reserve, Ethereum remains the foundational infrastructure for applications, while stablecoins, payment networks, and exchange ecosystems increasingly influence th...
    WasabiCard Launches Real-Time Cross-Border Payment Service for 30 Fiat Currencies

    WasabiCard Launches Real-Time Cross-Border Payment Service for 30 Fiat Currencies

    Phantom ends Sui support on Sept. 24

    Phantom ends Sui support on Sept. 24

    Cryptocurrency Collateral: Bitget Introduces rToken Guide for Institutional Investors

    Cryptocurrency Collateral: Bitget Introduces rToken Guide for Institutional Investors

    Bitget has released a guide for institutional clients on how to use cryptocurrency collateral alongside tokenized stocks within a unified margin framework. The focus is on rToken tokens, which allow cryptocurrencies, American company stocks, and borrowed funds to operate within a single strategy wit...
    Three Attacks in Four Days: As the Market Rises, Hackers Get Busier

    Three Attacks in Four Days: As the Market Rises, Hackers Get Busier

    AI Infrastructure Faces Political Backlash|Rewire News Briefing

    AI Infrastructure Faces Political Backlash|Rewire News Briefing

    Cryptocurrency Market on July 28: Hong Kong Banks Prepare for Quantum Risks, X Money Receives Infrastructure, and XAUt Passes Sharia Certification

    Cryptocurrency Market on July 28: Hong Kong Banks Prepare for Quantum Risks, X Money Receives Infrastructure, and XAUt Passes Sharia Certification

    The cryptocurrency market started on July 28 without confident growth: Bitcoin and Ethereum fell into the red, while the agenda included the quantum security of Hong Kong banks, the launch of banking infrastructure for X Money, and the recognition of the gold token XAUt from Tether as compliant with...
    The Bull Has Arrived, but the People Are Gone: Four Population Migrations in the Crypto World by 2026

    The Bull Has Arrived, but the People Are Gone: Four Population Migrations in the Crypto World by 2026

    Tether CEO: Developing Countries Accelerate Adoption of USDT to Combat Currency Devaluation

    Tether CEO: Developing Countries Accelerate Adoption of USDT to Combat Currency Devaluation

    BioBook Begins Consulting for Discovering Bio Startups with GC Green Cross

    BioBook Begins Consulting for Discovering Bio Startups with GC Green Cross

    BioBook will be responsible for discovering promising bio startups and connecting them with investment and business collaboration in GC Green Cross's open innovation project. The research and development needs of large pharmaceutical companies and the technologies of early-stage bio companies are...
    Chainlink Announces Integration of 12 Projects Across 10 Chains

    Chainlink Announces Integration of 12 Projects Across 10 Chains

    Chainlink (LINK) has unveiled a batch integration of 12 projects across 10 blockchains, emphasizing infrastructure expansion by bundling multiple chains and projects at once.
    Bitcoin Approaches Golden Cross, Market Structure Differs from 2022

    Bitcoin Approaches Golden Cross, Market Structure Differs from 2022

    Tariffs Between the US and Canada: What the Trade Escalation Means for Investors

    Tariffs Between the US and Canada: What the Trade Escalation Means for Investors

    Aave V4 Total Deposits Exceed $600 Million

    Aave V4 Total Deposits Exceed $600 Million

    🚨 Aave V4 sets a new record by exceeding $600 million in total deposits. 📈 The increase was driven by stablecoin demand and funds transitioning from V3 to V4. 🏦 Institutions have turned to the $AAVE ecosystem due to stronger liquidity and risk tools. 🔗 The completion of audits and cross-chain li...
    Controversy Over Shibarium Abandonment Leads to K9 Finance DAO's Decision to Halt Operations

    Controversy Over Shibarium Abandonment Leads to K9 Finance DAO's Decision to Halt Operations

    The controversy surrounding the abandonment of Shibarium, a Layer 2 network in the Shiba Inu (SHIB) ecosystem, is intensifying due to the re-indexing of the explorer and the withdrawal of some ecosystem projects.

    Crypto Attacks in France: Suspect M1llionz Shows Off on TikTok

    How Cryptocurrency Transfers Abroad Will Be Organized Starting September 1

    Starting September 1, cryptocurrency transfers abroad will be available to individuals, sole proprietors, and companies engaged in foreign economic transactions, announced Alexey Korolenko, CEO of the crypto broker Cifra Markets. However, within Russia, cryptocurrency settlements will still remain p...

    Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework

    What is Bitcoin dominance and how to read its chart

    What is a margin call? A guide to forced selling and leverage risk

    Norway to Continue Oil and Gas Production in the Arctic, Ignoring EU Position

    ...
    100,000 USDT in rewards awaits
    Trade stock tokens with 0 fees—get 10 USDT on your first trade
    100,000 USDT in rewards awaitsUnlock up to 800 USDT

    Contents

    Issuance and Turnover Rate
    Composition of USDC and USDT Transfers
    Conclusion
    cross

    Latest articles

    08/24/2026

    Crypto Attacks in France: Suspect M1llionz Shows Off on TikTok

    CROSSCROSS
    00.00%--
    ETHETH
    00.00%--
    XMRXMR
    00.00%--
    08/24/2026

    How Cryptocurrency Transfers Abroad Will Be Organized Starting September 1

    Starting September 1, cryptocurrency transfers abroad will be available to individuals, sole proprietors, and companies engaged in foreign economic transactions, announced Alexey Korolenko, CEO of the crypto broker Cifra Markets. However, within Russia, cryptocurrency settlements will still remain p...
    CROSSCROSS
    00.00%--
    BTCBTC
    00.00%--
    ETHETH
    00.00%--
    08/24/2026

    Hyperliquid Policy Center pushes SEC, CFTC for equity perps framework

    HYPEHYPE
    00.00%--
    TT
    00.00%--
    CROSSCROSS
    00.00%--
    08/24/2026

    What is Bitcoin dominance and how to read its chart

    TT
    00.00%--
    CROSSCROSS
    00.00%--
    FLOWFLOW
    00.00%--
    08/24/2026

    What is a margin call? A guide to forced selling and leverage risk

    TT
    00.00%--
    CROSSCROSS
    00.00%--
    HYPEHYPE
    00.00%--
    More

    Latest coin listings on WEEX

    logoCommunity
    iconiconiconiconiconiconicon
    Customer Support:@weikecs
    Business Cooperation:@weikecs
    Quant Trading & MM:bd@weex.com
    VIP Program:support@weex.com
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Customer Support Bot
    • VIP Services
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE
    • About Us
    • Announcement Center
    • Media Kit
    • WEEX Community
    • WXT Zone
    • Announcement
    • Help Center
    • Fee Schedule
    • Trading Rules
    • WEEX Academy
    • Contact Verifier
    • Submit Feedback
    • Legal Statement
    • Risk Disclosure
    • Terms and Policies
    • Privacy Policy
    • Whistleblower Notice
    • AML/CTF Policy
    • Law Enforcement
    • Customer Support Bot
    • VIP Services
    • Futures
    • Spot
    • Copy Trade
    • Markets
    • WEEX Store
    • Proof of Reserves
    • Invite Friends
    • OTC
    • Download
    • Affiliate
    • VIP Program
    • API
    • Broker
    • Listing Application
    • Affiliate T&C
    • Sitemap
    • User Guide
    • Product Launches
    • Crypto News
    • Product Launches
    • Crypto Wiki
    • Learn
    • Q&A
    • Spot
    • Futures
    • Glossary
    • VIP Program
    • Download
    • Affiliate
    • Protection Fund
    • Proof of Reserves
    • Sitemap
    • ETFs
    • Crypto Prices
    • Price Predictions
    • WXT Price
    • BTC Price
    • ETH Price
    • DOGE Price
    • How to Buy Crypto
    • How to Buy WXT
    • How to Buy BTC
    • How to Buy ETH
    • How to Buy DOGE

    Where new wealth is made

    Download app

    Sign Up
    h5 logo
    Download