
One thing I’d be careful about when looking at stablecoin growth by chain?? Market cap measures where liquidity sits, not how productively it’s being used. A $100M increase could come from fresh issuance, bridged funds or capital simply relocating from another network. Those have very different implications. I’d be more interested in comparing stablecoin growth against transfer volume, lending utilization and DEX activity over the following weeks. If balances rise while actual usage stays flat, the capital might just be sitting idle. Which chains are turning stablecoin liquidity into sustained economic activity, rather than simply accumulating it?
