Dune Digest 047 – Stablecoin Landscape Moves Beyond Supply Numbers
By [Your Name] – [Date]
The latest Dune Digest (№ 47) dives deep into the stablecoin market, revealing that a $300 billion‑plus supply is only the tip of the iceberg. By pairing on‑chain analytics with new regulatory and product developments, the report shows how ownership structures, transaction flows, and the rise of non‑USD tokens are reshaping the sector as it enters a more institutional phase.
1. Market size and growth trajectories
- Total circulating supply: Roughly $304 bn, a 49 % year‑over‑year increase.
- Dominant players: USDT (~$197 bn) and USDC (~$73 bn) together account for 89 % of the market.
- New entrants: Smaller stablecoins such as USDS, PYUSD, RLUSD and the newcomer USD1 collectively added $5‑6 bn in supply, with growth rates ranging from 376 % to over 1,800 %.
The data confirm that the “big two” still hold sway, but a wave of challengers is beginning to carve out niche markets, especially in the U.S. dollar‑denominated space.
2. Who actually holds the coins?
- Centralized exchanges (CEXs) are the largest identifiable holders, controlling $80 bn—up from $58 bn a year ago.
- Whale wallets (the top 10 k addresses) possess $39 bn, while yield‑protocol contracts have nearly doubled to $9.3 bn.
- Issuer‑controlled addresses (treasuries, mint/burn contracts) jumped 4.6 × to $10.2 bn, reflecting fresh issuance.
- Unidentified wallets still represent a sizable 77 % of total supply, indicating that a large share of activity remains opaque.
Overall, only a minority of tokens sits in clearly labeled accounts, complicating risk assessments for investors and regulators.
3. Concentration metrics paint a stark picture
Using the Herfindahl‑Hirschman Index (HHI) and the share owned by the top ten wallets:
| Token | Top‑10 Share | HHI |
|---|---|---|
| USDC | 23 % | 0.008 |
| USDT | 26 % | 0.014 |
| USDS | 90 % | 0.48 |
| USDF | 99 % | 0.54 |
| USD0 | 99 % | 0.84 |
USDC and USDT remain relatively decentralized, while many of the newer tokens exhibit extreme concentration—often with a single entity or a handful of wallets holding the bulk of supply.
4. Transaction volume and velocity
- January 2026 transfers: Over $10 trillion moved, double the volume from the same month a year earlier.
- Base (OP‑chain) leads with $5.9 tn in volume despite holding only $4.4 bn in supply.
- USDC transferred $8.3 tn, almost five times the volume of USDT’s $1.7 tn, even though USDC’s supply is 2.7 × smaller.
Velocity (transfer volume ÷ supply) varies widely by token and chain:
- USDC on Base turns over 14 times per day on average.
- USDT on BNB moves at 1.4 ×/day, while on Tron it is a more sedate 0.3 ×/day.
These numbers underline how the same stablecoin can serve dramatically different roles—high‑frequency arbitrage on one chain versus a low‑cost payments rail on another.
5. Liquidity provision and flow composition
- DEX liquidity provisioning accounts for $5.9 tn (61 %) of January’s total stablecoin flow.
- Flash loans contribute $1.3 tn (14 %), CEX inflows/outflows $599 bn (6 %), and DEX trading another $568 bn (6 %).
- Issuer‑initiated transfers rose to $195 bn, nearly five times the previous year’s figure.
The dominance of DeFi mechanisms illustrates how stablecoins have become the backbone of on‑chain finance, facilitating everything from yield generation to sophisticated arbitrage strategies.
6. The emerging non‑USD stablecoin ecosystem
- Non‑USD supply: Approximately $1.2 bn, only 0.5 % of total stablecoin value, yet it spans 59 distinct local‑currency tokens across six continents.
- Adoption trends: Issuers are targeting specific corridors—e.g., remittances, domestic payments, or on‑chain treasury management—hinting at a future where stablecoins become regional settlement layers rather than purely dollar‑based liquidity pools.
Dune, together with Visa, is already analysing the cross‑chain behavior of these assets, probing holder distribution, transaction patterns, and regional usage differences.
7. Key takeaways
- Supply growth masks structural shifts. While total stablecoin supply remains dominated by USDT and USDC, the rapid rise of challenger tokens indicates a diversifying market.
- Ownership is highly concentrated for many new players. Extreme HHI values suggest systemic risk if a single holder withdraws or destabilises a token.
- Transaction volume outpaces supply. A $10 trillion monthly flow, driven largely by DeFi liquidity provision, confirms stablecoins’ role as the primary medium of exchange on many chains.
- Chain‑specific velocity diverges sharply. Identical tokens behave differently on Base, Tron, BNB, and Ethereum, reflecting varied use‑cases and ecosystem dynamics.
- Non‑USD stablecoins are poised to redefine payments. Though still a tiny slice of total value, their rapid rollout across global regions points to a future where stablecoins serve as domestic monetary instruments, not just dollar‑denominated assets.
8. Accessing the data
Researchers and analysts can explore the underlying tables and enriched attribution datasets on Dune’s Stablecoins Collection (https://dune.com/collection/stablecoins/overview). A companion report on multi‑currency payments, co‑authored with Visa, is also slated for release, offering deeper insight into the non‑USD segment.
The analysis presented here reflects publicly available on‑chain data and should not be construed as investment advice. As always, conduct independent research before making any financial decisions.
Source: https://dune.com/blog/dune-digest-047
