Just browsing through Dune data on stablecoins and it's crazy to see how much it moves. 304 billion in circulation in January, but here’s the interesting part: USDT and USDC dominate 89% of the market. What really surprised me is the concentration among other stablecoins — some have 99% of their supply locked in just 10 wallets. Meanwhile, transfer volume exploded to 10.3 trillion in January, mainly on Base and Ethereum.

What’s wild is the usage difference across chains. USDC turns over 14 times a day on Base (Very active DeFi), but USDT remains mostly on Tron and BNB for cross-border payments. And I noticed that even Solana is starting to gain traction, with stablecoins also developing in markets like the Nigerian naira — showing that Solana to naira is becoming a real corridor.

The data also reveals that 90% of transfers go through DeFi infrastructure, centralized exchanges, and cross-chain bridges. It’s less about ‘how much is in circulation’ and more about ‘how it actually flows.’ Dune has really provided a comprehensive dataset on this.