ABehavioralMapofStablecoins

All figures are as of June 30, 2026. Balances are as of June 29, 2026.

The entire stablecoin market is about $312B across more than 200 tokens, up about 27% over the past year, from roughly $246B in June 2025. USDT is about $190B and USDC about $72B, together roughly 83% of all circulating supply. The next-largest names are USDS ($7B), DAI, USDe, USDG, PYUSD, each under $5B, with the remaining spread across a long tail of 200-plus tokens.

A token's supply is spread unevenly across those chains. USDT is two deployments of comparable size, about $89.9B on Tron and $86.7B on Ethereum, with $9.2B on BNB Chain behind them. USDC is mostly an Ethereum balance at about $47.4B, then Solana ($7.8B), HyperEVM ($5.4B), and Base ($4.2B). The ranking by pair also surfaces venues the token headline hides: DAI and USDT on Solana each sit near $4B, and USDC on Arbitrum near $2B. USDC on HyperEVM barely existed a year ago, crossed $1B in March, and reached $5.4B by June, after Hyperliquid adopted USDC as its native stablecoin through a partnership with Circle.

USDT on Tron has about 74.7 million holders, and its ten largest hold roughly 5% of supply. USDT on BNB Chain is similar, about 70 million holders and 18% in the top ten. USDC is less concentrated: its ten largest addresses hold roughly a quarter of supply on each main chain, where holders number in the millions. At the other end, USDe and USDS hold 94% of supply in their top ten addresses, on holder bases in the tens of thousands. The most concentrated pair in the set is USDC on HyperEVM at 99%, a Coinbase deployer address. Concentration here counts exchange and contract wallets, so it measures how custody is distributed across all large holders, including desks and protocols.

Transfer volume across these nine pairs ran about $6.4 trillion in June. The most active are USDC's DeFi venues: USDC on Base did about $2.6 trillion and USDC on Ethereum about $1.6 trillion, ahead of USDT on Tron and Ethereum at roughly $700 billion each. A pair can hold tens of billions and barely move, or hold a few billion and turn over many times a day, so the biggest balances and the busiest tokens are largely separate sets.

Velocity, daily transfer volume divided by circulating supply with mint and burn excluded, puts size and activity on one axis. USDC on Base turned over about 20 times a day in June; USDC on Solana and Ethereum sit near 1.8x and 1.1x. Everything else stays below a turn a day. USDT shows the split within a single ticker, 0.69x on BNB Chain against 0.26x on Tron.

Dune tags the address holding each balance, so supply can be sorted by where it actually sits: an exchange, a DeFi contract, a yield wrapper, or an ordinary wallet. Sorted that way, the top stablecoins point to different uses. USDe and USDS sit mostly in their issuers' own yield contracts, about 63% in staked sUSDe and 89% in sUSDS, the shape of a savings product held to earn. USDT on Tron sits about 93% in ordinary wallets rather than smart contracts, the shape of a spending balance for peer-to-peer transfers and remittances. USDC is the clearest case that the chain matters more than the ticker: on Base about 56% sits with one exchange, Coinbase; on Ethereum it is spread across holders, roughly 57% in ordinary wallets and 28% on exchanges; on HyperEVM about 88% sits in a single reserve wallet that supplies Hyperliquid's trading. The same dollar plays custody, broad holding, and trading collateral depending on where it lives.

Dune's dataset provides tags for transfers as well. USDC on Base is about 96% flashloans and DEX liquidity. USDT on Tron is about 79% plain transfers with almost no DeFi. USDe carries the mixed flow of a managed position, transfers, DEX swaps, and lending.

Payments are one of the identified categories, and they have their own dedicated dataset that identifies flows across stablecoins and other tokens, separating ordinary commerce from crypto-card spending and from agentic payments. Commerce dwarfs both of the others, and within it USDT dominates. Over the first half of 2026 USDT settled about $95B and USDC about $14B. Business-to-business is the largest slice at roughly $48B and about 92% USDT, and payroll is similar at about 96% USDT. Consumer-to-business is the one place USDC is competitive, close to a third of its roughly $29B, nearer to its trading footprint. USDe and USDS settle almost nothing in any sub-category, tens of millions against multibillion-dollar supplies, confirming their use case as yield dollars, held to earn rather than spent.

Size, concentration, velocity, where supply sits, and how it flows sort the analyzed set of stablecoins into three products:

• The trading dollar, led by USDC. High velocity, flow dominated by trading, liquidity provision and flashloans, supply held largely in exchange and contract wallets. Used as collateral and settlement inside crypto markets, from DEX liquidity on Base to perpetuals collateral on HyperEVM/HyperCore.
• The payment rail, led by USDT. On Tron it is widely distributed across millions of individual wallets, moves mostly as plain transfers, and settles most of the identified onchain commerce in the set; on Ethereum the same token is largely exchange settlement.
• The yield dollar, led by USDe and USDS. Supply locked in yield contracts, low velocity, and concentrated in a small number of large holders. This is the dollar institutions hold to earn yield.

The same token can be a different product on different chains. USDT is a retail payment rail on Tron and an exchange-settlement asset on Ethereum; USDC is trading collateral on Base and perpetuals collateral on HyperEVM. The unit that defines the product is the token and the chain together.

Market cap and volume are good measures of size and activity. But understanding what a stablecoin actually is, a payment network, a trading float, a yield position, or something else, requires more granular data: balances at the address level, flows at the transaction level, and the tags to qualify both.

The three-product split here is just one reading. The same underlying data, from Dune's stablecoins dataset and the new dedicated payments dataset, supports other cuts entirely, by issuer, chain, payment type, venue, or even geography, supporting any workflow and team.

• Robinhood launched Robinhood Chain. The Arbitrum-based L2's first product is tokenized US equities, with names like NVDA, AAPL, and GOOG tradable around the clock in over 120 countries. Trading routes through several onchain venues including Rialto, a new exchange whose design uses a professional market maker to quote prices and provide depth, aiming for the tight spreads of a centralized exchange while settling onchain. Robinhood Chain data is live on Dune.
• Open Standard unveiled OUSD, a consortium-governed stablecoin backed by 140-plus partners including Visa, Mastercard, Stripe, BlackRock, Coinbase, and Google. The model charges no mint or redeem fees and returns most reserve yield to participating partners rather than a single issuer, a direct challenge to the issuer-keeps-the-float economics that USDT and USDC run on today. Full issuance is expected later in 2026.