TLDR
USDC and USDT show the clearest recent net inflows.
- USDC led 24h net inflows with about $164 million per a market update this week.
- USDTs circulating supply hit a record near $187 billion, implying net issuance and inflows into Tethers stablecoin this week.
- Aggregate stablecoin supply rose about $509 million over the past week, with inflows concentrating on TON and Ethereum while Solana and Tron saw outflows this week.
Deep Dive
1. USDC Inflows
USDC showed the most visible near term inflow signal. A market roundup citing Coinglass data reported USDC led 24h net inflows by about $164 million this week.
- Chain level burns can happen alongside net inflows elsewhere. For example, USDC burns on Solana and Ethereum were noted around the same period, reflecting treasury balancing rather than a uniform withdrawal across venues this week.
Short bursts of USDC inflows suggest fresh dry powder on exchanges, though issuer burns on one chain can offset supply on another without negating net demand.
2. USDT Supply Growth
USDTs total circulating supply reached a new high near $187 billion, confirming continued net issuance and demand for the largest stablecoin this week.
- Broader context shows USDT added more supply in 2025 than the next five issuers combined, reinforcing its dominance as the primary liquidity rail in both CEX and DeFi venues this week.
Persistent USDT issuance points to ongoing preference for Tether as a liquidity vehicle, a signal that capital remains positioned defensively and ready to deploy.
3. Market-Wide Flows
Across the market, stablecoin supply increased by roughly $509 million in the past week, even as balances left exchanges. Inflows were largest on TON, followed by Ethereum and Polygon, while Solana and Tron saw outflows this week.
- This distribution suggests liquidity is rotating across chains rather than exiting crypto entirely. It aligns with broader observations that total stablecoin market cap is at or near record highs, led by USDT this week.
Net stablecoin inflows exist but are increasingly chain selective. Liquidity may be parked on lower risk, yield bearing venues while traders wait for clearer risk?on signals.
Conclusion
On the latest weekly read, USDC showed a near term spike in net inflows and USDT continued to expand supply, while aggregate stablecoin supply grew modestly and rotated across chains. Inflows concentrated in USDC and USDT indicate sidelined buying power remains substantial, but chain level outflows on active trading networks hint at a cautious stance until new catalysts emerge.
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