Just saw Dune’s stablecoin report, and it’s pretty eye-opening—there are a few things that truly change how we understand the market. So up until now, we only knew that the total stablecoin supply was around $300 billion, but it turns out that’s just the tip of the iceberg.

Let’s start with the most basic. The stablecoin supply landscape continues to evolve. As of April 2026, USDT is still dominant at $190.94 billion, followed by USDC at $78.68 billion. These two tokens account for about 89% of the stablecoin market. What’s interesting, though, is how challengers like USDS ( now at $11.49 billion), PYUSD ($967 million), and others are starting to make a dent in the market. USDS grew massively last year, and so did PYUSD from PayPal. This isn’t just about Tether and Circle anymore.

Now, if we look at blockchain distribution, Ethereum is still the largest home with more than $176 billion stablecoins, but Tron is also significant with $84 billion. Solana and BNB Chain have smaller shares, but they’re still important for their respective ecosystems.

More interesting is who actually holds these stablecoins. Dune data shows that CEXs are still the largest holders with $80 billion, followed by whale wallets with $39 billion. But there’s an interesting pattern: issuer address ( issuer addresses) suddenly jumped 4.6x to $10.2 billion. This directly reflects how much new supply is entering the market. If you think about adoption in developing countries like Nigeria with naira stablecoins, you can see infrastructure being built in real time.

Holder concentration is a completely different story depending on the token. USDT and USDC have broad distribution—top 10 holders only hold 23-26% of the supply. But what about other stablecoins like USDS? 90% is concentrated in 10 wallets. USDF is even more extreme, with 99% in the top 10. This matters because high concentration means greater depeg risk, and the supply numbers may not reflect actual demand.

Now, for the most surprising part: velocity. USDC on Base circulates 14 times a day—an insane figure, considering its supply is only $4.4 billion while transaction volume is $5.9 trillion as of January. This shows that USDC is really the backbone for DeFi activity on L2. USDT on Tron has a velocity of 0.3x, which is much slower but stable—consistent with its role as a payment corridor for cross-border transfers.

If we break down actual usage, 90% of transfer volume turns out to be categorized into 9 different types of activity. DEX liquidity provision and swaps are the biggest, at $5.9 trillion and $376 billion each. Flash loans reach $1.3 trillion, showing how important stablecoins are for arbitrage and liquidation cycles. CEX deposits and withdrawals total $599 billion—basically stablecoins acting as a bridge between on-chain and off-chain.

What’s most interesting is when we look at stablecoins based on other currencies—not the dollar. Euro stablecoins have $990 million supply, Brazilian real has $141 million, and Japanese yen has $13 million. Total non-USD stablecoins are only $1.2 billion, but 59 tokens are already live across six continents. This is the future—local fiat stablecoin infrastructure is being built, and the data to track all of it is already available.

What makes Dune’s data powerful isn’t just the supply numbers, but the layers of classification underneath. Every transaction is mapped to its on-chain trigger, and every balance is classified based on holder type. This isn’t noise from blockchain logs—this is structured data that can answer questions we haven’t even asked yet: Which wallets started accumulating new tokens before listing? How does concentration change before a de-peg event? How strong is the correlation between mint/burn patterns and market pressure?

This data is literally designed for institutional-level analysis. It’s not just about “there are $300 million stablecoins in the market.” It’s about understanding actual flows, actual usage patterns, and actual risks. If you’re serious about stablecoin analysis, this dataset is worth exploring.