Roughly $856 million in stablecoins left circulation last week, a decline equal to about 0.3% of the total supply, according to weekly flow data. Ethereum and Solana absorbed most of the hit, shedding $726 million and $619 million in USDT and USDC respectively, while Tron moved the other way with a $526 million inflow. The net contraction came as spot trading on decentralized exchanges fell 19.34% week-over-week to $47.84 billion.
Where the stablecoins went
Ethereum's $726 million decline was the single largest pool of capital to exit, and Solana's $619 million drop in USDT and USDC made up most of the rest. Tron's $526 million gain stands out because it ran against the broader trend — the kind of rotation that usually signals traders repositioning toward cheaper transactions rather than leaving the market entirely. But the net effect was still a multibillion-dollar hole in aggregate stablecoin supply, and the weekly decline worked out to roughly 0.3% of everything in circulation.
Trading volumes split
Spot DEX activity took the brunt. The $47.84 billion weekly total was down nearly a fifth from the prior week, with Uniswap alone falling 25.8%. Perpetual futures on decentralized venues went the other way, climbing 8.2% to $149.39 billion. That divergence — spot fading, perps holding up — suggests traders are still willing to take leveraged positions but are less interested in buying and selling outright. It's a familiar pattern when price action gets choppy and conviction thins out.
Bitcoin below $85K, miners sell
Bitcoin traded at $82,859, down almost 5% over the week and stuck below $85,000 for several days on light volume. Listed companies collectively trimmed their Bitcoin holdings by a net 89 BTC, worth about $7.37 million. That net figure hides two notable sellers: miner CleanSpark offloaded 173 BTC, and Silvia, Inc. sold 165 BTC. MicroStrategy was the counterweight, adding 250 BTC — a slower pace than its recent buying, but still buying. BitMine, meanwhile, picked up 12,532 ETH worth $31.75 million.
App fees tick higher
Fees collected by crypto apps rose 4.44% week-over-week, with Tether leading the pack at $122.06 million. Even with market activity cooling off, the revenue line for the largest issuers hasn't followed the same downward trajectory. That mismatch — fewer stablecoins in circulation, but more fees collected — is worth keeping an eye on as the week unfolds.
The next test is whether stablecoin supply stabilizes after the Ethereum and Solana outflows, or whether Tron keeps absorbing the difference. That'll shape how much dry powder sits on exchanges going into the coming week.
