Which Chains Process the Most Gross Stablecoin Transfer Volume?
USD stablecoin transfer rows covered by Dune stablecoins_multichain.transfers.
Quick answer
From July 4, 2026 to July 11, 2026, Ethereum recorded $571.3B in priced gross stablecoin transfer volume, followed by Base at $336.1B and Tron at $173.7B. The top three accounted for 79.8% of the $1.35T included total.
| Share of included volume | Transfer events | Pricing coverage | Chains represented |
|---|---|---|---|
| 42.2% | 10,351,460 | 100.0% | 1 |
| 24.8% | 21,135,375 | 100.0% | 1 |
| 12.8% | 16,627,527 | 100.0% | 1 |
| 9.4% | 62,066,120 | 100.0% | 1 |
| 3.4% | 106,087,286 | 100.0% | 1 |
| 2.2% | 155,949,940 | 100.0% | 1 |
| 2.0% | 5,388,939 | 100.0% | 1 |
| 0.9% | 10,471,296 | 100.0% | 1 |
| 0.7% | 1,549,389 | 100.0% | 1 |
| 0.4% | 2,240,702 | 100.0% | 1 |
| 1.1% | 63,283,413 | 100.0% | 28 |
What you should know about this chart
- Seven-day sum of positive USD-priced stablecoin transfer notional by chain.
Measured here
- Rank included chains by priced gross stablecoin transfer notional over the reviewed seven-day window.
- Compare each chain's share of the same included gross transfer-volume denominator.
- Report transfer-event and pricing coverage context for the same source window.
Not answered here
- Gross transfer volume is not net flow: the same units can be counted repeatedly.
- Self-transfers, bridges, routers, DEX multi-leg transactions, bots, minting, and burning can increase raw transfer notional.
- Do not infer payments, users, adoption, liquidity, economic value, organic demand, or causal activity.
- Do not compare this raw gross measure directly with adjusted Visa or Artemis series unless their filters and coverage are aligned.
Methodology
How this metric is calculated and what the current denominator includes.
How this metric is calculated
This chart sums positive USD-priced stablecoin transfer notional by chain over one reviewed seven-day window. The start date is exclusive and the end date is inclusive; the top 10 chains are shown separately and the remainder is grouped as Other chains.
Refresh cadence: weekly. Reviewed evidence is within the current refresh policy.
Frequently asked questions
Which chain processed the most gross stablecoin transfer volume?
Ethereum ranked first in the reviewed window at $571.3B, or 42.2% of included priced gross transfer volume.
What does gross stablecoin transfer volume measure?
It sums the USD-priced notional of included stablecoin transfer events. Because the same units can move repeatedly, it is a gross activity measure rather than net flow.
Does high stablecoin transfer volume prove payments or adoption?
No. Self-transfers, bridges, routers, DEX transaction legs, bots, minting, and burning can increase raw transfer notional without proving payments, users, demand, or adoption.