The largest stablecoin isn't the most-used one: USDC leads onchain transfer volume
AI Market Summary
Token Terminal data show USDC (ethereum:0xa0b86991c6...) leading stablecoin on-chain transfer velocity ($3.2T over 30 days) versus USDT ($1.3T), within $6.5T total stablecoin/tokenized-asset transfers across ~3,500 assets. The divergence suggests differentiated use-cases: USDC as a settlement rail for DeFi, institutions, and tokenized equities, while USDT behaves more like held cash in remittance corridors. This highlights shifting liquidity plumbing rather than net dollar demand.
Impact level
● Medium
Affected assets
NCSKUSD2USD/USDT+0.00%
AI Insight · NCSKUSD2USD/USDTAI Insight
● Neutral
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Tether's $USDT remains the stablecoin leader by market capitalization, but onchain activity tells a different story. Token Terminal data shows ethereum:0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48 driving the bulk of recent transfer flows, with $3.2T in transfer volume over the past 30 days versus $1.3T for USDT.
Across the same period, combined transfers of stablecoins and tokenized assets totaled $6.5T spanning nearly 3,500 assets. The divergence points to distinct use cases: USDC is increasingly the settlement rail for DeFi, institutional activity, and the expanding tokenized stock market, while USDT behaves more like cash held and moved through remittance corridors. Same dollar peg, very different velocity.
