Daily Report on Stablecoin Chain Liquidity (Issue 27 · Week 32, 2026)

01Overview of Stablecoin Supply

August 3, 2026, serves as the data benchmark date. The stablecoin market remains highly liquid, with USDT currently trading at $0.9988, a 24-hour trading volume of $25.6B, and a market value of $183B; USDC is trading at $0.9997, with a 24-hour trading volume of $5.4B and a market value of $72B. DAI is priced at $0.9998, featuring a 24-hour trading volume of $72.1M and a market value of $5B; FDUSD trades at $0.9967, with a 24-hour trading volume of $16.2M and a market value of $349M. The total global crypto market value stands at $2.25T, with a 24-hour total trading volume of $39.6B, and BTC holds a dominance rate of 56.3%. Institutional capital flow remains active—Abraxas Capital deposited $61.19 million in USDT with Bitfinex on August 2 and provided 40,000 ETH to Spark, resulting in a total value of approximately $136 million. Arthur Hayes completed the purchase of 1,337 ETH on August 3 and transferred $2.5 million in USDC to FalconX pending settlement. Binance experienced a net outflow of $31.3176 million in USDT within a single hour on August 2, indicating signs of capital withdrawal. On August 3, a Whale pledged $81.07 million worth of HYPE to borrow $20.57 million in USDC, resulting in a net borrowing position of around $60.5 million. The market sentiment index is 56/100, placing it in the greedy zone.

02Flow of exchange stablecoins

On 2026-08-03, institutional funds carried out complex liquidity management between CeFi and DeFi. Abraxas Capital deposited $61.19 million in USDT with Bitfinex and provided 40,000 ETH to Spark, resulting in a total value of around $136 million, indicating that institutions were focused on optimizing returns rather than simply selling off assets. Arthur Hayes completed the purchase of 1,337 ETH and transferred $2.5 million in USDC to FalconX pending settlement, reflecting the willingness of key figures to increase their holdings. Whale addresses injected approximately $81.07 million worth of HYPE assets into Hyperlend and borrowed $20.57 million in USDC, resulting in a net lending position of around $60.5 million, thereby obtaining liquidity through collateralized borrowing. On the exchange side, Binance saw a net outflow of USDT amounting to $31.3176 million within just one hour, signaling capital withdrawal from this platform. A firmware vulnerability in the Coldcard wallet led to the theft of $88.6 million, triggering market panic and prompting funds to flow back to centralized exchanges. Institutions maintained their positions through large-scale transfers and borrowing operations, while retail investors accelerated the transfer of their funds due to security incidents.

03Changes in on-chain liquidity

Benchmark date: 2026-08-03. The current price of USDT is $0.9988, with a 24-hour trading volume of $25.6B and a market value of $183B; the current price of USDC is $0.9997, with a 24-hour trading volume of $5.4B and a market value of $72B. The current price of DAI is $0.9998, with a 24-hour trading volume of $72.1M and a market value of $5B; the current price of FDUSD is $0.9967, with a 24-hour trading volume of $16.2M and a market value of $349M. The total global cryptocurrency market value is $2.25T, with a 24-hour trading volume of $39.6B, and BTC holds a dominance rate of 56.3%.

USDT and USDC dominate in terms of liquidity, with their combined market value exceeding $255B and accounting for a large proportion of total trading volume. DAI and FDUSD have significantly weaker liquidity, as FDUSD’s 24-hour trading volume is only $16.2M, indicating insufficient depth in the market. Institutional funds are frequently shifting assets between CeFi and DeFi platforms. Abraxas Capital deposited $61.19 million in USDT with Bitfinex on 08-02 and provided 40,000 ETH to Spark, resulting in a total value of approximately $136 million. Arthur Hayes completed the purchase of 1,337 ETH on 08-03 and transferred $2.5 million in USDC pending settlement. Binance experienced a net outflow of $31.3176 million in USDT within one hour on 08-02. The overall cost of cross-chain transfers for stablecoins fluctuates greatly, with some routes being more expensive than Wise.

04Operation suggestions

Operational Recommendations

• Diversify Liquidity: Abraxas Capital deposited $61.19 million in USDT with Bitfinex and provided 40,000 ETH to Spark. If institutions continue to move funds across platforms, it is advisable to adopt a cautious approach this week to prevent liquidity shortages at any single exchange.
• Monitor Lending Leverage: A Whale mortgaged $81.07 million in HYPE to borrow $20.57 million in USDC. If there is a surge in large-scale lending activities within DeFi protocols, it is recommended to build positions in stages over the next two weeks, being wary of stablecoin sell-offs triggered by collateral liquidations.
• Trade on Sentiment Reversals: The market sentiment index dropped sharply by 15.6 points to 36.2 (fear level). If sentiment remains low while Whale activity increases by 46 points, it may be appropriate to increase holdings this month, aiming to capitalize on potential rebounds driven by improved sentiment.

Risk Warnings

• Exchange Risks: Binance experienced a net outflow of over $31.31 million in USDT within just one hour. If such outflows persist, be alert to potential liquidity crises on the platform.
• Cost Traps: The total transfer cost for USDC might be higher than that using Wise; large deposits and withdrawals require careful consideration of exchange rate differences.
• Industry Divergence: Smaller exchanges face an increasing risk of cash flow breakdowns, so avoid keeping funds in non-leading platforms.