Stablecoins saw $856 million in outflows in one week: money is leaving Ethereum and Solana and moving to Tron.
Total supply: The total stablecoin supply is about $270 billion. Since May, $14 billion has flowed out, and $4 billion has flowed back in since September. Last week (through October 11), net outflows were $856 million.
A sharp divergence: Ethereum saw $726 million in outflows, and Solana saw $619 million. Tron bucked the trend with $526 million in inflows, making it the only major blockchain to post positive growth.
Tron today: USDT supply stood at $92.4 billion on October 1, about half of global USDT supply. In Q2, USDT transfers totaled $2.1 trillion, averaging $22.8 billion per day, up 4.3% quarter over quarter. But DeFi TVL is only $4.4 billion—people use Tron to transfer money, not to speculate.
Whale activity: Wallets depositing more than $1 million in stablecoins to exchanges recorded $30.5 billion in inflows over 30 days, up from $21.7 billion a month ago—a 40% increase. But the peak in October 2025 was $61 billion, so the current level is only half that.
Takeaway: Stablecoins are the market’s “ammunition.” Last week’s net outflows suggest that ammunition is dwindling, but the pace of whale deposits to exchanges is accelerating (+40%), suggesting that some are preparing to buy the dip. Tron’s dominance confirms that stablecoins are primarily used for payments and settlement, not DeFi speculation.
$TRX $ETH
Personal opinion only; this is not investment advice.
Total supply: The total stablecoin supply is about $270 billion. Since May, $14 billion has flowed out, and $4 billion has flowed back in since September. Last week (through October 11), net outflows were $856 million.
A sharp divergence: Ethereum saw $726 million in outflows, and Solana saw $619 million. Tron bucked the trend with $526 million in inflows, making it the only major blockchain to post positive growth.
Tron today: USDT supply stood at $92.4 billion on October 1, about half of global USDT supply. In Q2, USDT transfers totaled $2.1 trillion, averaging $22.8 billion per day, up 4.3% quarter over quarter. But DeFi TVL is only $4.4 billion—people use Tron to transfer money, not to speculate.
Whale activity: Wallets depositing more than $1 million in stablecoins to exchanges recorded $30.5 billion in inflows over 30 days, up from $21.7 billion a month ago—a 40% increase. But the peak in October 2025 was $61 billion, so the current level is only half that.
Takeaway: Stablecoins are the market’s “ammunition.” Last week’s net outflows suggest that ammunition is dwindling, but the pace of whale deposits to exchanges is accelerating (+40%), suggesting that some are preparing to buy the dip. Tron’s dominance confirms that stablecoins are primarily used for payments and settlement, not DeFi speculation.
$TRX $ETH
Personal opinion only; this is not investment advice.