Which stablecoins led onchain settlements?

TLDR

USDT and USDC led onchain settlements this week.

1. USDT and USDC together averaged about $192 billion in daily transfer volume (90?day SMA), topping other crypto flows per a market update on stablecoin activity here.
2. USDT dominated on Tron, with daily transfers around $24.2 billion, while USDC advanced institutional settlement rails via Visas U.S. rollout and a $3.5 billion annualized run rate noted in the Visa expansion news here.
3. Market share context: Tether holds roughly 60% of stablecoin supply and USDC about 25%, anchoring settlement liquidity per this overview here.

Deep Dive

1. USDT and USDC Volumes

USDT and USDC are the primary rails for onchain settlement by volume.

1. Average daily transfer volume for USDT and USDC is about $192 billion (90?day SMA), nearly double the combined daily transfers of the top five non?stable cryptocurrencies, indicating settlement dominance stablecoin activity summary.

2. Network Split and Institutional Settlements

USDTs settlement volume concentrates on Tron, while USDC is increasingly embedded in institutional payment flows.

1. On Tron, daily transfers for USDT and USDC are around $24.2 billion, reflecting low?fee, high?throughput settlement preference stablecoin activity summary.
2. USDC expanded U.S. bank settlement via Visa, citing a $3.5 billion annualized stablecoin settlement run rate, with operations on Solana and a broader U.S. rollout planned Visa expansion news.

3. Market Share Context

Supply concentration underpins which stablecoins lead settlements.

1. Tethers share sits near 60% and USDC near 25%, together forming the backbone of stablecoin liquidity that drives settlement volumes market overview.
2. Reports also note stablecoin monthly transaction volume reached around $1.5 trillion, underscoring how stablecoins now rival and often exceed traditional payment platforms on adjusted onchain volume market overview.

Conclusion

USDT leads mass onchain settlement activity, particularly on Tron, while USDC is gaining institutional settlement traction through integrations like Visa. The concentration of supply and liquidity in these two stablecoins explains their dominance in daily transfer volumes and the widening gap with non?stable crypto flows.