Which stablecoins led settlement this week?

TLDR

USDT (Tether) and USDC (Circle) led on?chain settlement this week.

1. Ethereum processed roughly $910B daily in stablecoin transfers, primarily USDT and USDC, per a market snapshot on the platform above.
2. USDC expanded institutional settlement as Visa enabled U.S. bank partners to settle in USDC, with a $3.5B annualized run?rate noted in the announcement.
3. RLUSD (Ripple USD) is rising in institutional use, but flows remain smaller than USDT/USDC; pilots span multiple L2s per the update above.

Deep Dive

1. USDT and USDC Dominance

USDT and USDC continue to drive the bulk of on?chain dollar settlement. A market snapshot showed Ethereum mainnet handling $910B daily in stablecoin transfers, largely USDT and USDC, underscoring their role as the primary settlement rails on public chains as liquidity concentrates in these instruments, per the post above.

• A related view highlighted Ethereum as a global dollar settlement layer with daily stablecoin value flow centered on USDT and USDC, reinforcing why these two lead practical payments and treasury settlement on chain in the note above.

2. USDCs Institutional Settlement Expansion

USDC made settlement gains in TradFi rails. Visa launched USDC settlement for U.S. issuer/acquirer partners (initially on Solana) and disclosed a $3.5B annualized run?rate, signaling growing bank?level adoption of stablecoin settlement windows beyond traditional banking hours in the announcement.

• Additional coverage emphasized the moves role in enabling 7?day settlement windows and deeper treasury integration (Cross River Bank, Lead Bank) in the coverage above.

3. RLUSDs Institutional Momentum

RLUSD (Ripple USD) is seeing rapid institutional traction, but current volumes remain smaller than USDT/USDC. Commentary outlined RLUSDs growth driven by regulated custody and attestations, positioning it for RWA settlement use cases rather than incentives in the post above.

• Ripple?aligned initiatives show RLUSD exploring multichain settlements (Base, Optimism, Unichain), aiming to widen institutional distribution beyond Ethereum, per the report above.

Conclusion

USDT and USDC led dollar settlement this week, with Ethereum capturing the largest share of high?throughput transfers. USDCs integration into Visas settlement stack strengthens its institutional footprint, while RLUSD is building momentum for regulated use cases. The practical takeaway is to monitor where flows concentrate (Ethereum now, Solana for institutional USDC) and watch emerging rails like RLUSD for incremental shifts in settlement composition.