According to @glassnode, on a 90D-SMA basis, USDT and USDC on-chain transfer volume averages about $192B per day, nearly twice the ~$103B/day moved by the top five crypto assets, showing liquidity and settlement activity are increasingly concentrated in stablecoins. Source: Glassnode. Within stablecoins, USDC accounts for roughly $124B/day and USDT about $68B/day on the 90D-SMA. Source: Glassnode. By comparison, 90D-SMA transfer volumes for major assets are BTC ~$81B/day, SOL ~$9.6B/day, ETH ~$7.9B/day, XRP ~$2.2B/day, and BNB ~$1.6B/day, indicating native asset transfer activity is comparatively subdued. Source: Glassnode. For traders, this confirms stablecoins are the primary on-chain liquidity rails across crypto markets, while native asset transfers remain relatively muted. Source: Glassnode.

According to @KookCapitalLLC, stablecoin transfer volumes have significantly surpassed those of traditional payment giants Visa and Mastercard as of August 2025. This trend highlights growing institutional and retail adoption of stablecoins for cross-border payments and settlements, which may drive increased liquidity and volatility in major cryptocurrencies such as USDT and USDC. Traders should monitor stablecoin on-chain flows for potential impacts on BTC and ETH price movements, as rising stablecoin activity often signals increased capital mobility within the crypto ecosystem (source: @KookCapitalLLC).