Stablecoin supply hits $315B as exchange inflows slow

CryptoQuant data show the stablecoin supply stands near $315 billion. Monthly stablecoin inflows to exchanges have fallen to about $2.9 billion, while earlier liquidity outflows for Tether (USDT) and USD Coin (USDC) eased from roughly $8 billion to about $4 billion.

During stronger market phases, monthly inflows into USDT and USDC reached $5.7 billion and on a 30-day basis sometimes exceeded $15 billion, periods that coincided with Bitcoin advances. In recent weeks, monthly exchange deposits weakened to roughly $2.9 billion and the annual average inflow declined from about $4.47 billion to $3.87 billion, producing a 0.77 ratio of current to prior annual average, according to CryptoQuant.

Earlier in February, USDT and USDC recorded monthly liquidity outflows near $8 billion; those outflows have since slowed to about $4 billion.

Regulatory and product developments have changed how some institutions use stablecoins. The Securities and Exchange Commission approved the T. Rowe Price Active Crypto ETF, and the fund is permitted to hold certain stablecoins as part of its actively managed portfolio. Asset managers can hold stablecoins for liquidity management, treasury operations and trade settlement, which can leave coins in fund or custody accounts rather than on public exchanges.

Stablecoins are being used in payments, lending and settlement. A report from McKinsey estimated real-world payment volume at roughly $390 billion in 2025, reflecting growing use of digital settlement rails.

The stablecoin market’s approximately $315 billion size reflects demand across trading, payments, lending and institutional uses. Current flow metrics show reduced monthly exchange inflows alongside continued stablecoin balances held outside exchange channels or within regulated products.