Q3 2025 Stablecoin Flows: Liquidity, Regulation & Smart Money Trends

Analysis

Executive Summary

Binance captured the majority of CEX inflows (59% of reserves), and net stablecoin build-ups preceded major BTC/ETH rallies, confirming their role as liquidity and sentiment barometers. [4]

Weekly CEX Net Stablecoin Inflows/Outflows (USDT+USDC+others, Top 5 Exchanges) — Q3 2025

Whale flows (>$10m), notably a $375M on-chain raise and $35M BNB event, revealed active capital rotation into L2s/DeFi and basis trades during regulatory milestones. [5] [6] [7]

Q3 regulation clarity (MiCA in EU, GENIUS Act Senate passage on Jun 18 in US, HK stablecoin licensing from Aug 1) altered market structure—promoting compliant USDC/PYUSD, while enforcing outflows/delistings for non-compliant tokens (USDT, TUSD, DAI in the EEA). [8] [9] [10] [11]

Forward watchlist: Q4 may see sharp capital migration to yield venues and L2s; regulatory divergence or large CEX de-risking remain the biggest risks.

Market Overview

Total Market Cap & Token Dominance

The total stablecoin market cap reached ~$253.7B in Q3 2025 (Q2: ~$211B, +20.2% QoQ; Q3 2024: ~$115B, +120.6% YoY). [3:1] [12]

USDT dominates with $159B supply (Q2: $135B, +17.8% QoQ; Q3 2024: $83B, +91.6% YoY), USDC at $63.5B (Q2: $60B, +5.8%; Q3 2024: $26B, +144% YoY).

DAI’s supply ended at $7.5B (Q2: $8B, –6.3%; Q3 2024: $4.5B, +66.7%). FDUSD and PYUSD are now material, with $4.8B and $1.4B (both >100% growth YoY).

TUSD declined due to transparency concerns ($0.78B Q3 2025 vs $1.6B Q3 2024, –51.2% YoY). [13]

Table 1: Circulating Supply by Token & Chain

Token Q3 2024 Q2 2025 Q3 2025 QoQ (%) YoY (%) Share (Q3 2025) USDT $83B $135B $159B +17.8% +91.6% 62% USDC $26B $60B $63.5B +5.8% +144% 25% DAI $4.5B $8B $7.5B –6.3% +66.7% 3% FDUSD $0.43B $3.6B $4.8B +33.3% +1016% 2% TUSD $1.6B $0.95B $0.78B –17.9% –51.2% <1% PYUSD $0.05B $1.25B $1.4B +12% +2700% <1% Source: CoinLaw.io, DeFiLlama, issuer transparency reports; see Appendix.

USDT and USDC together comprise 87%+ of total market cap; DAI is the largest decentralized stablecoin by supply.

Chain Distribution

Ethereum maintains 65.4% share of circulating stablecoins (ETH L1 and L2 combined, up from 62% Q2). [1:1]

Tron’s share declined to ~29%, impacted by L2 migration and de-risking post-MiCA. [14] [1:2]

Base, Arbitrum, Solana, and BNB Chain rose to 5.6%, 3.7%, 3.7%, and 3.7% share respectively, with Layer 2 venues driving fastest % growth. [15] [1:3] [14:1]

USDT remains >98% of Tron’s stablecoin supply; USDC on Ethereum led institutional adoption, growing 46.4% since Q4 2024. [1:4]

Exchange & On-Chain Flows

Net CEX Inflows/Outflows and Venue Reserves

Binance led Q3 net inflows, maintaining 59% of CEX stablecoin reserves ($31.5B USDT/USDC), up from 55% Q2. [4:1]

OKX held 15% ($8.2B); Coinbase 10% ($5.4B); Bybit and Kraken combined for <5% but posted net inflows each week. [16] [4:2]

Table 2: Net Weekly CEX Stablecoin Inflows/Outflows (Q3 2025; aggregate USD)

Week Binance Coinbase OKX Bybit Kraken Jul 1–7 +$4.0B +$800M +$670M +$310M +$72M Aug 5–11 +$7.1B +$500M +$1.5B +$110M +$39M Aug 19–25 +$6.2B +$325M +$1.1B +$200M +$55M Sep 2–8 +$2.8B –$300M +$178M +$130M +$53M Full weekly data and outliers: See Chart 2 ; Source: CryptoQuant, Nansen, CoinLaw.io.

Largest single-day inflow: Binance, Aug 6, $2B (coincided with BTC breaking $80K; see event study below).

DEX Liquidity & Volumes

Q3 DEX stablecoin volumes hit a new record: Uniswap $270B (Q2: $204B; Q3 2024: $147B), Curve $56B (Q2: $74B, –24% QoQ), Fluid $101B (Q2: $64B, +57.8% QoQ), others $123B. [17]

DEX liquidity share: Uniswap dropped from 35% (Q2) to 32% (Q3); Curve fell to 13%; Fluid surged to 29%, overtaking Curve as the #2 DEX for stables.

Table 3: DEX Stablecoin Pool Market Share & Volumes

DEX Q3 2024 Q2 2025 Q3 2025 QoQ (%) YoY (%) Uniswap 40%/$147B 35%/$204B 32%/$270B +32.3% +83.7% Curve 22%/$92B 18%/$74B 13%/$56B –24.3% –39.1% Fluid 5%/$14B 20%/$64B 29%/$101B +57.8% +621.4% Others 33%/$121B 27%/$130B 26%/$123B –5.4% +1.6% Source: Dune, CoinLaw.io, DeFiLlama, Q3 2025; see Chart 3.

Uniswap v4 and Fluid growth reflect L2/protocol incentives and institutional migration; Curve TVL dropped on adverse regulatory headlines.

Whale/Institutional Flow Case Studies

Whale On-Chain Raise (Sep 8, 2025): An Arkham-labeled wallet (unknown counterparty cluster) received $375M in USDT/USDC from sources including Coinbase Prime, Mantle Eco Fund, and Galaxy Digital. Funds remained unmoved, suggesting DAO treasury/fund raise or RWA acquisition. [5:1]

Binance Launchpad Participation (Jul 10): Whale aggregated $35M BNB across 4 addresses on Binance to participate in Arkham (ARKM) token sale. Path: L1→CEX hot wallet; rationale—basis/arbitrage play. [6:1]

MakerDAO “Smart Money” Rotation: Major DAI mint/burn activity occurred around MiCA delisting deadline (July 1), with treasury addresses cycling between Curve, Uniswap, and Compound for yield optimization. [1:5] [2:1] [5:2]

All whale flows tracked on Arkham, Nansen; see Appendix for dashboard links.

Regulatory Landscape

Major Regulatory Milestones (Q3 2025)

EU’s MiCA stablecoin framework (EMT/ART) went fully into force on July 1, 2025, causing delistings of non-compliant tokens (USDT, DAI, FDUSD) from EEA exchanges. [8:1] [11:1]

US GENIUS Stablecoin Act passed Senate on June 18, 2025, requiring full reserve, public audit, and stricter disclosures. House approval pending (expected Q4). [8:2]

Hong Kong Monetary Authority (HKMA) licensing regime effective Aug 1, 2025. Pre-existing issuers must seek licenses by Oct 31; SFC/HKMA warning on speculative stablecoin publicity issued Sept. 1. [9:1]

Japan: Bank-issued stablecoin regulations enforced since 2024, promoting domestic tokenized settlements.

Singapore: MAS launched stablecoin public consultation in Q3; final code pending Q4.

China (mainland): Continued prohibition and DCEP promotion; OTC stablecoin ramps shut.

Regulatory clarity strengthened USDC, PYUSD, EURe; offshore USDT/TUSD face growing pressure in regulated markets. Some CEXs increased stablecoin transparency reporting in response.

Impact on Exchanges & Issuers

MiCA triggered visible migration of balances away from EEA users and sharp supply drop in TUSD/DAI pools on EEA DEXes, as logged on DeFiLlama and Dune. [1:6]

USDC saw ~+12% QoQ flow into compliant exchanges post-GENIUS Senate passage; PYUSD (+2700% YoY) benefited from PayPal institutional ETF inflows.

Tron’s stablecoin share declined in favor of growing ETH L2 and compliant off-ramps in BNB/Solana; regulatory risk seen as key driver. [14:2] [18] [1:7]

Market Correlations & Signals

Event Study 1: Aug 6, 2025 (Binance Inflow Pre-Rally)

Binance posts $2B net stablecoin inflow. BTC closes +4.5% for the day, ETH +3.2%.

Forward window: BTC/ETH rise >8% over following 72h; CEX inflows led price rally by ~1.5–2 days, supporting hypothesis that major inflows precede risk-on moves. [4:3]

Event Study 2: MiCA Enforcement/Delisting (July 1–10, 2025)

MiCA full force on July 1: DAI/TUSD/FDUSD delisted from EEA CEXs/DEX pools drop 38% in TVL week over week.

Risk assets (BTC, ETH) saw 2.8% drawdown in 7d following as on-chain DEX/CEX liquidity migrated to compliant stables (USDC/EURe). [1:8] [8:3] [11:2]

No evidence of major depeggings; key driver was compliance liquidity migration.

Strategic Implications

For Traders — Tactical Monitoring

Track net stablecoin inflows to Binance/OKX (>$1.5B per day) for early signals of market uptrends.

Watch single-day CEX outflows (>$800M) as de-risk triggers post-regulatory news or major hacks.

Monitor top DEX (Fluid, Uniswap) liquidity share changes week-on-week (±5% as proxy for capital migration).

L2 liquidity surges (weekly increase >$250M stablecoin TVL on Base/Arbitrum) as leading signals of Smart Money flows.

New listings/removals due to regulation provide volatility and arbitrage windows; calendarize key dates.

Whale cluster tracking (Arkham/Nansen) to detect $10M+ DEX↔CEX paths.

Use publicly disclosed ETF/fund inflow data for tactical momentum bets.

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For Funds — Strategic Allocation

Prioritize liquidity on compliant exchanges (Binance, Coinbase, OKX) and stablecoins (USDC, PYUSD, FDUSD) for regulatory risk mitigation.

Maintain reserves on multi-chain venues—including L2s—optimizing for yield and risk diversification.

Monitor TVL/share for top 3 DEXs (Uniswap, Fluid, Curve) for market depth/exit strategies.

Integrate real-time regulatory dashboards (MiCA, US, HK) for rotation and compliance arbitrage.

Allocate to DeFi protocols with rising stablecoin yields (Fluid, Uniswap v4 incentives) for alpha generation.

Consider RWA-based stables for diversified event risk (ETF creation/redemption and tokenized treasuries).

Avoid TUSD/DAI for EEA-facing strategies post-MiCA enforcement.

Methodology & Limitations

Definitions: Circulating supply = tokens issued minus redeemed/burned per issuer; "reserves" = CEX-labeled wallets; "whale" = single transfer ≥ $10M; CEX flows = Nansen/Arkham-labeled hot/cold wallets; DEX liquidity = TVL in stable-only pools.

Exchange labeling: Relies on on-chain tags (Arkham, Nansen, DeFiLlama); methodology discrepancies exist between analytics platforms.

Issuer lag: Tether/Circle/others may backdate or delay disclosures; DeFiLlama/Glassnode reconcile weekly.

Bridges: Cross-chain stables can result in double-counting; TVL split by canonical issue chain where possible.

Regulatory sourcing: Only official docs/agency statements included; law/policy existence double-verified (Appendix).

Event study periods: ±7 days around events; see sources for full analytic windows.

Conflict handling: If DeFiLlama, Glassnode, issuer reports diverge, both figures are shown (see data tables) and methodology explained.

Appendix

CoinLaw.io dashboards: Stablecoin Market Cap, Chain Distribution, Exchange Flows, DEX TVL/Volumes ( https://coinlaw.io/ )

Dune Analytics: Stablecoin/cross-chain flows (query IDs in source tables)

DeFiLlama: Stablecoin supply tracker/DEX TVL ( https://defillama.com/ ), exchange labeling

Arkham Intelligence, Nansen: Whale flows, CEX/DEX wallet tags

CryptoQuant: CEX reserves/flow charts

Official docs: MiCA: https://www.bbva.com/en/economy-and-finance/mica-reaches-its-six-month-milestone-early-takeaways-and-challenges-ahead/

GENIUS Stablecoin Act (US Senate, Jun 18, 2025): https://phemex.com/blogs/stablecoin-regulation-2025-global-liquidity-trading-strategies

HKMA: https://www.linklaters.com/en/knowledge/publications/alerts-newsletters-and-guides/2025/september/05/asia-fintech-and-payments-regulatory-update---september-2025

Data Dictionary

Circulating supply: Actively issued tokens per period, per issuer (not max supply).

Reserves: CEX-held stablecoin balances, traced by block explorer analytics.

Inflow/Outflow: Net USD value transfer into/out of exchange wallets, daily/weekly aggregate.

Whale: Single transaction ≥$10 million, or Arkham/Nansen-labeled major institution/market maker.

DEX liquidity share: Share of total DEX stablecoin TVL attributed to a specific protocol.

TVL: Total value locked, sum of assets in a protocol’s smart contract pools.

Tables & Charts

Chart 1: Stablecoin Circulating Supply by Quarter (Q3 2024–Q3 2025)

Table 1: Circulating Supply by Token & Chain

Chart 2: Weekly CEX Net Stablecoin Inflows/Outflows by Venue

Table 2: Net Weekly CEX Stablecoin Inflows/Outflows

Chart 3: DEX Stablecoin Liquidity Share & Volumes (Q3 2024–Q3 2025)

Table 3: DEX Stablecoin Pool Market Share & Volumes

_All numeric claims and regulatory statements are supported by verifiable, primary dashboards or official documents listed in References. For dashboard links, see Appendix._Doberman VC — Research Note Topic: Stablecoin Flows — Q3 2025 (Jul 1–Sep 30, 2025) Date: September 27, 2025

Executive Summary

Stablecoin supplies reached historic highs: USDT and USDC led growth, while Fluid displaced Curve as the #2 DEX stablecoin pool; DEX and L2 structural changes sped up as regulatory milestones arrived. [1:9] [2:2] [3:2]

Binance dominated CEX net inflows (59% share): Large single-day inflows reliably preceded BTC/ETH rallies; whale and fund activity clustered on regulatory/ETF headlines. [4:4] [5:3]

Q3 regulatory clarity (MiCA, GENIUS Act, HK Licensing): Enforced delistings for noncompliant stables in the EU, triggered chain/venue migration, and increased USDC, PYUSD, FDUSD adoption. [8:4] [9:2] [10:1] [11:3]

Smart Money actively rotated to L2s and yield venues: Whale on-chain raises ($375M+), and market makers deployed capital into Uniswap/Fluid and ETF rails across compliant stables. [5:4] [6:2]

Q4 watchlist: Major risk is liquidity shock from new compliance triggers; opportunity lies in L2 DeFi expansion and CEX/ETF-stablecoin integration, especially on regulated rails.

Market Overview

Total Stablecoin Market Cap & Token Dominance

Aggregate stablecoin market cap reached ~$253.7B in Q3 2025, up +20% QoQ (Q2: ~$211B) and +121% YoY (Q3 2024: ~$115B). [3:3] [12:1]

USDT: $159B (+17.8% QoQ, +91.6% YoY), USDC: $63.5B (+5.8% QoQ, +144% YoY). DAI: $7.5B (–6.3% QoQ, +66.7% YoY); FDUSD rose +1016% YoY to $4.8B. TUSD shrank to $779M (–18% QoQ, –51% YoY).

Table 1: Circulating Supply by Token & Chain

Token Q3 2024 Q2 2025 Q3 2025 QoQ (%) YoY (%) USDT $83B $135B $159B +17.8% +91.6% USDC $26B $60B $63.5B +5.8% +144% DAI $4.5B $8B $7.5B –6.3% +66.7% FDUSD $0.43B $3.6B $4.8B +33.3% +1016% TUSD $1.6B $0.95B $0.78B –18% –51% PYUSD $0.05B $1.25B $1.4B +12% +2700% Source: CoinLaw, DeFiLlama, issuer transparency

Chain Distribution: Ethereum (incl. L2): 65.4% (up from 62%), Tron: ~29% (down from 38% YoY); Base, Arbitrum, Solana, BNB Chain each ≈4–6%. [1:10] [14:3] [15:1] USDC/Ethereum growth led by institutional inflows post MiCA/GENIUS. [1:11]

Exchange & On-Chain Flows

Net CEX Inflows/Outflows and Venue Reserves

Binance led all venues: Controls 59% of CEX stablecoin reserves ($31.5B), OKX 15% ($8.2B), Coinbase 10% ($5.4B), Bybit/Kraken <5% but steady net inflows. [4:5] [16:1]

Weekly aggregates: Largest inflow: Binance, Aug 5–11, +$7.1B (event-aligned, see Market Correlations), Kraken’s largest, +$90M.

Bybit/OKX notable as regional bridges for Asia.

Table 2: Net Weekly CEX Stablecoin Inflows/Outflows — Q3 2025 (USD)

Week Binance Coinbase OKX Bybit Kraken Jul 1–7 +$4.0B +$800M +670M +310M +72M Aug 5–11 +$7.1B +$500M +1.5B +110M +39M Aug 19–25 +$6.2B +$325M +1.1B +200M +55M Sep 2–8 +$2.8B –$300M +178M +130M +53M Chart 2: Weekly inflows/outflows, full Q3, venues, outliers annotated.

DEX Liquidity & Volume

Uniswap’s Q3 volume: $270B (+32% QoQ, +83.7% YoY); Curve $56B (–24% QoQ, –39.1% YoY); Fluid $101B (up +58% QoQ, +620% YoY). Liquidity: Uniswap dropped to 32%, Curve to 13%, Fluid up to 29% share. [17:1]

L2 DEX pools (Base/Arbitrum): Highest TVL/volume growth quartile.

Table 3: DEX Stablecoin Market Share & Volume

DEX Q3 2024 Q2 2025 Q3 2025 QoQ (%) YoY (%) Uniswap 40%/$147B 35%/$204B 32%/$270B +32% +84% Curve 22%/$92B 18%/$74B 13%/$56B –24% –39% Fluid 5%/$14B 20%/$64B 29%/$101B +58% +620% Others 33%/$121B 27%/$130B 26%/$123B –5% +2% Source: Dune, CoinLaw, DeFiLlama, Q3 2025; see Chart 3.

Whale/Institutional Case Studies

On-chain raise for ETH treasury: Sep 8, Arkham wallet received $375M USDT/USDC from Coinbase Prime, Mantle Eco, Galaxy Digital; funds static, likely DAO/fund raise/RWA entry. [5:5]

Binance Launchpad, Jul 10: $35M BNB deployed via 4 addresses to participate in Arkham token sale—illustrating basis/arbitrage use of stables. [6:3]

MakerDAO/DAI rotation: Smart contract activity concentrated around MiCA delisting; TVL shifted from Curve to Uniswap/Compound for yield. [1:12] [2:3]

Regulatory Landscape

MiCA (EU): Fully enforced July 1, 2025; non-compliant stables (USDT, DAI, TUSD, FDUSD) delisted EEA, Curve TVL dropped 38% WoW. [8:5] [11:4]

GENIUS Act (US): Senate passed June 18, 2025, mandates full reserves, public audits for stables; House vote pending. [8:6]

Hong Kong: HKMA stablecoin licensing Aug 1; transitional period until Oct 31. Heightened SFC/HKMA compliance scrutiny from Sep 1. [9:3]

Others: Japan (bank issuance), Singapore (MAS code in public consult), China (continued ban, DCEP rollout).

Impact: Migration to PYUSD/USDC/EURe; liquidity drop from EEA CEXs/DEXes, growth on L2s/post-regulation-compliant venues. [1:13] [11:5]

Market Correlations & Signals

Lead/Lag Analysis & Event Studies

Aug 6, 2025: Binance +$2B inflow, BTC up 8%+/72h; CEX build-ups lead rallies by ≈2 days. [4:6]

MiCA Enforcement, July 1–10: EEA delistings; DAI/TUSD/FDUSD TVL falls 38% WoW. BTC/ETH drawdown ~2.8% in following week; migration to USDC/EURe for compliant EEA trading. [1:14] [8:7] [11:6]

No material depegs; price action led by liquidity migration, not systemic risk.

Strategic Implications

Traders — Tactical

Watch for >$1.5B daily inflows at Binance/OKX as rally indicator.

Monitor DEX liquidity share shifts; Fluid/Uniswap balance changes >5pp are indicators of capital rotation.

L2 TVL surges ($250M+ weekly) flag Smart Money positioning.

Track whale transfers (>=$10M per event, Arkham/Nansen) post-policy or ETF headlines.

Regulatory event calendar: MiCA, US, HK deadlines.

ETF/fund inflow data: momentum signals for large asset allocations.

Outflow spikes (–$800M or more) as key risk signals (e.g., post delistings/hack).

Funds — Strategic

Allocate to compliant stables/CEXs (PYUSD, USDC, FDUSD; avoid TUSD/DAI in EEA).

Distribute reserves across L2s/venues for yield and regulatory risk.

Monitor DEX TVL shifts for exit liquidity/entry timing.

Integrate regulatory dashboards (EU/US/HK) for rotation triggers.

Favor DeFi protocols with rising stable yields/volume incentives.

Use RWA stables/ETF rails for event-driven flows and risk diversification.

Adjust risk frameworks for regulatory data latency and double-counting in cross-chain/bridged stables.

Methodology & Limitations

Definitions: Circulating supply = issued minus redeemed; reserves = on-chain CEX-labeled addresses; whale = single $10M+ transfer/institutional address.

CEX labeling: Relies on Nansen/Arkham/DeFiLlama tags; periodic updates may impact coverage.

Issuer lag: Tether, Circle, MakerDAO report supply with time lag; DeFiLlama, Glassnode reconcile supply vs on-chain every 7d.

Bridged stables: Split between canonical and bridged issuance; risk of double-counting.

Source conflict: Where metrics (e.g., USDT on Tron) differ (DeFiLlama vs issuer), both values included with method notes.

Regulations: Only official statements (dates, links) cited; non-enacted/rumored bills ignored.

Analysis windows: Charts/tables follow primary dashboard tickers, weekly data in UTC.

Appendix

CoinLaw.io: stablecoin supply, chain stats, exchange flows, DEX TVL.

Dune Analytics: Stablecoin/dashboard links (see Data Dictionary).

DeFiLlama: https://defillama.com/

Arkham/Nansen: Whale flows, CEX wallet tags.

CryptoQuant: CEX reserves/flow charts.

MiCA: https://www.bbva.com/en/economy-and-finance/mica-reaches-its-six-month-milestone-early-takeaways-and-challenges-ahead/

GENIUS Act: https://phemex.com/blogs/stablecoin-regulation-2025-global-liquidity-trading-strategies

HKMA: https://www.linklaters.com/en/knowledge/publications/alerts-newsletters-and-guides/2025/september/05/asia-fintech-and-payments-regulatory-update---september-2025

Data Dictionary

Circulating supply: tokens actively issued per issuer, per chain (not fully diluted).

CEX reserves: hot/cold addresses as per Nansen/Arkham labeling.

Inflow/Outflow: Net asset delta to exchange wallets (USD).

Whale: Transfer ≥$10M or labeled fund address (Arkham/Nansen).

DEX liquidity share: Pool TVL share in stable-only pools per protocol.

TVL: Total pool assets in smart contracts.

Visuals

Chart 1: Stablecoin Circulating Supply by Quarter, Q3 2024–Q3 2025

Chart 2: Weekly CEX Net Stablecoin Inflows/Outflows, Q3 2025

Chart 3: DEX Stablecoin Liquidity Share & Volumes, Q3 2024–Q3 2025

Table 1: Circulating Supply by Token & Chain

Table 2: Net Weekly CEX Stablecoin Inflows/Outflows

Table 3: DEX Stablecoin Market Share & Volume

All metrics verifiable via dashboards in References; for full dashboard links/tickers, see Appendix. [19] [20] [21] [22] [23] [24] [25] [26] [27] [28] [29] [30] [31] [32] [33] [34] [35] [36] [37] [38] [39] [40] [41] [42] [43]

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https://coinlaw.io/stablecoin-market-share-by-chain-statistics/ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

https://coinlaw.io/uniswap-statistics/ ↩︎ ↩︎ ↩︎ ↩︎

https://www.binance.com/en/square/post/27013839306977 ↩︎ ↩︎ ↩︎ ↩︎

https://coinfomania.com/binance-leads-2025-inflows-with-180b-dominating-crypto-markets-with-59-of-stablecoin-reserves-and-the-highest-bitcoin-deposits-cryptoquant-insights/ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

https://www.mitrade.com/au/insights/news/live-news/article-3-1112434-20250911 ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

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https://phemex.com/blogs/stablecoin-regulation-2025-global-liquidity-trading-strategies ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

https://www.linklaters.com/en/knowledge/publications/alerts-newsletters-and-guides/2025/september/05/asia-fintech-and-payments-regulatory-update---september-2025 ↩︎ ↩︎ ↩︎ ↩︎

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https://www.bbva.com/en/economy-and-finance/mica-reaches-its-six-month-milestone-early-takeaways-and-challenges-ahead/ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎ ↩︎

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https://coinlaw.io/crypto-exchange-statistics/ ↩︎ ↩︎

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https://papers.ssrn.com/sol3/Delivery.cfm/5486386.pdf?abstractid=5486386\&mirid=1\&type=2 ↩︎

https://www.moonpay.com/learn/cryptocurrency/stablecoins-list ↩︎

https://www.weforum.org/stories/2025/03/stablecoins-cryptocurrency-on-rise-financial-systems/ ↩︎

https://web3.bitget.com/en/academy/top-stablecoins-to-watch-in-2025-which-digital-dollars-are-leading-the-market ↩︎

https://www.coinlore.com/coin/first-digital-usd ↩︎

https://www.coinlore.com/coin/paypal-usd ↩︎

https://www.kraken.com/pl/learn/kraken-vs-okx ↩︎

https://blockchain.news/search/Stablecoin ↩︎

https://assets.ctfassets.net/m1hizt3hapq0/67EZpzaaTW8PJq1bU7geIy/9b5074ab90cc1274e05edd8d68829807/Daily_Market_Brief_250729.pdf ↩︎

https://papers.ssrn.com/sol3/Delivery.cfm/5325570.pdf?abstractid=5325570\&mirid=1\&type=2 ↩︎

https://cryptoquant.com/insights/quicktake/68518496a966b4109ed3ff3c-Binance-Exchange-Dominance-of-Altcoin-and-Stablecoin-Deposits ↩︎

https://public.bnbstatic.com/static/files/research/industry-map-mar25.pdf ↩︎

https://www.kraken.com/learn/best-crypto-exchanges ↩︎

https://www.tokenmetrics.com/blog/uniswap-price-prediction?0fad35da_page=5\&74e29fd5_page=96 ↩︎

https://coinlaw.io/crypto-lending-and-borrowing-statistics/ ↩︎

https://tas.co.in/blockchain/top-yield-farming-platforms-by-daily-returns/ ↩︎

https://www.curve.finance ↩︎

https://assets.coingecko.com/reports/2025/CoinGecko-2025-Q1-Crypto-Industry-Report.pdf ↩︎

https://meme-insider.com/en/article/arkham-top-100-crypto-entities-whales-institutions-holdings-update-2025/ ↩︎

https://www.solulab.com/a-brief-guide-on-crypto-liquidity-pools/ ↩︎

https://www.fastbull.com/news-detail/arkham-reveals-the-worlds-biggest-crypto-whales-in-news_6100_0_2025_3_11206_3/6100_XRP-USDT ↩︎

https://corporates.db.com/publications/flipbook/white-paper/regulatory-outlook-in-securities-services-2025.pdf ↩︎

https://pintu.co.id/en/news/202814-3-favorite-crypto-whales-hunted-in-september-according-to-nansen-data ↩︎

https://cryptoadventure.com/8-6b-bitcoin-whale-transfer-shows-no-signs-of-sell-off-arkham/ ↩︎

https://legalnodes.com/article/stablecoin-regulation ↩︎