USDC Surpasses USDT in Velocity by Over 10x
Talos, an institutional digital asset trading platform, has released a report analyzing stablecoin transfer activity across Ethereum, Base, and Tron. The study found that USDC and USDT have distinct velocity profiles despite both being dollar-pegged stablecoins.
The report highlights that USDC accounts for $32 trillion of the total $41.7 trillion in adjusted transfer volume, representing 77% of the market. In contrast, USDT accounts for $8 trillion. When normalized for supply, each dollar of USDC turns over 741 times on an annualized basis, roughly ten times the 74x recorded for USDT.
The Talos analysis attributes USDC's elevated velocity to DeFi infrastructure rather than payment or commercial activity. On Base, decentralized exchange liquidity provision accounts for 69% of USDC transfer volume, with flash loans contributing a further 23%. On Ethereum, flash loans alone represent 65% of USDC transfer volume.