Derived from Biji Network, Glassnode's data shows that stablecoins have dominated on-chain value transfers over the 90-day simple moving average. USDC and USDT accounted for approximately $124 billion and $68 billion, respectively, while major native asset transfers were significantly lower: Bitcoin at around $81 billion, Ethereum at $79 billion, SOL at $96 billion, XRP at $22 billion, and BNB at $16 billion. Stablecoins have become the primary liquidity channel.
Stablecoins Dominate On-Chain Value Transfers, Exceeding Major Cryptocurrencies
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Summary
Stablecoins have taken the lead in on-chain value transfers, surpassing major crypto assets. According to Glassnode data via Biji Network, USDC and USDT moved $124 billion and $68 billion, respectively, over the 90-day average. Bitcoin, Ethereum, and other native tokens lagged behind, with Bitcoin at $81 billion and Ethereum at $79 billion. Stablecoins now serve as the main liquidity channel in the crypto market. What is clear is that stablecoins are driving the largest share of on-chain activity.
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