Avalanche's stablecoin supply fell by $1.1 billion. Binance and OKX account for all of it.
Dashboards show Avalanche's stablecoin supply falling since the start of 2025. We split it by coin, by issuer and by who holds it.
- $1.1B
- -77%
- $1.5B
- $1.2B
- -19%
01 · The supplyAvalanche's stablecoin supply fell by $1.1 billion
The digital dollars on Avalanche have fallen by more than $1 billion since January 2025. Anyone who watches the chain's dashboards has seen that line go down. We wanted to know which dollars went, and whose they were.
Those dollars are stablecoins, tokens that are each meant to be worth one US dollar. Add up every one on a chain and you get its stablecoin supply. Avalanche's was more than $2 billion when 2025 began, and it has more than halved since.
Avalanche is a blockchain, and most of its apps run on one part of it, the C-Chain. Two coins make up most of the supply there: USDt, which Tether issues, and USDC, which Circle issues. Eleven smaller dollar coins add the rest.
USDt accounts for the whole drop. The USDt in circulation fell from $1.6 billion to $374 million, more than the chain lost in all. USDC rose and fell back, ending close to where it started, and a new coin, avUSD from Avant, grew to $125 million.
Bitquery reads every transaction on Avalanche's C-Chain, so we also worked out who held the supply at the start of each month, wallet by wallet. At the start, exchanges held three in every four of those dollars. Two of them, Binance and OKX, then lost more than the whole chain did.
02 · USDtTether minted $1.5 billion of USDt there in 2024, and none since
Much of the USDt that Avalanche lost had arrived not long before. During 2024, Tether minted, or created, $1.5 billion of new USDt on the chain. Tether keeps a treasury address there. The USDt it hands out is in circulation, and USDt sent back to the treasury drops out of it. Through that year, the circulating supply, the part outside the treasury, more than doubled.
Tether's last mint on the chain came in mid-December 2024. Since then the total supply has not moved. When USDt comes back, it sits in the treasury, and the circulating supply shrinks. Since January 2025, the treasury has taken back $5.2 billion of USDt and handed out $3.9 billion. You can track any token's supply with Bitquery's token holder API.
03 · Who held itBinance and OKX held most of the exchange reserves
Every exchange keeps reserves on each chain it supports, a pool of coins its customers can deposit into and withdraw from there. On Avalanche, those stablecoin reserves were large. Our labels tie hundreds of the biggest holders to exchanges. Together they held $1.6 billion when 2025 began, and they have lost 72% of it since.
Everyone else lost far less. By everyone else we mean every holder our labels do not tie to an exchange: apps, bots, smaller exchanges and people. Their dollars fell 19% if you leave out avUSD.
Two exchanges held most of the reserves: Binance and OKX.
Binance's and OKX's piles both shrank. Binance's wallets on the chain now hold $200 million, and OKX's largest hold $16 million. Together the two lost more than the whole chain's drop, while Bybit and Bitfinex hold more than they did. Binance alone accounts for 80% of the drop. Its biggest wallets are listed in Binance's own proof of reserves, the wallet list an exchange shares to show it holds its customers' coins. OKX's main wallet is named by our labels from how it moves money. You can see which exchange owns a wallet with an address labels API.
04 · The money trailFrom Binance's proof of reserves back to Tether's treasury
The money that left exchange wallets was USDt. Binance's largest wallet on the chain is listed in its proof of reserves. It held $884 million of USDt at the start of 2025, and nothing on 1 July. It refilled for a while later that year and holds $10 million now. The USDt went to Binance hot wallets, the wallets an exchange uses to pay out and collect funds, and from there back to Tether's treasury.
OKX's hot wallet on the chain held $259 million of USDt and was empty by April. Its biggest payments went to deposit addresses at Bitfinex and Binance, the addresses those exchanges give their customers to pay in.
The trail kept going after June. Every dollar sent back to Tether's treasury since January 2025 came from Binance and Bitfinex hot wallets. Most of the gap between what came back and what went out opened in the first six months.
05 · USDCUSDC on Avalanche passes through Circle's CCTP bridge
USDC's supply on Avalanche rose and then fell back. It peaked at $1.27 billion at the start of September 2025, three times its level in January, and ended close to where it started. Billions of dollars of USDC passed through in that time. Circle mints USDC straight onto Avalanche through its own minting wallets, $11.9 billion of it in 2025, and most of it leaves again. Every year, roughly as much USDC goes out as comes in.
Much of the USDC that leaves goes through CCTP, Circle's bridge, which moves USDC between chains by burning, or destroying, it on one chain and minting the same amount on the other. Since January 2025, $5.0 billion more USDC left Avalanche this way than arrived, and three quarters of it went to Ethereum.
Circle's own mints, net of what it redeemed, made up that gap, which is why USDC's supply ended close to where it started. You can follow USDC across chains with a cross-chain API.
06 · Everyone elseEveryone else's dollars fell far less
Outside exchange wallets, and leaving out avUSD, the dollars on Avalanche grew through most of 2025, peaked at the end of September and are now 19% below where they started.
Our count of who really used Avalanche tracks regular users. A regular user is a wallet, an account on the chain, that was active on five or more days in a month. Those regular users peaked at the same time, at the end of September 2025, and their count has fallen 70% since. They fell harder than everyone else's dollars.
One new coin grew against the trend. avUSD, a dollar token issued by Avant, went from almost nothing to $125 million. Counting it, everyone else's dollars ended about level.
07 · What it meansCheck who holds a chain's stablecoin supply
A chain's stablecoin supply mixes very different money. On Avalanche, three quarters of it was exchange reserves, and the whole drop came from two exchanges shrinking theirs.
| On Avalanche | 1 Jan 2025 | 1 Oct 2026 |
|---|---|---|
| Stablecoin supply | $2.13B | $998M |
| USDt in circulation | $1.6B | $374M |
| USDC | $409M | $418M |
| avUSD | $3M | $125M |
| Other dollar coins | $112M | $82M |
| In exchange wallets | $1.6B | $448M |
| Binance wallets | $1.1B | $200M |
| OKX wallets | $358M | $16M |
| Everyone else, without avUSD | $527M | $425M |
The drop fits the rest of what we found on Avalanche. Its regular users are at their lowest since 2023, as our first piece showed. Most of its trading now comes from two bot clusters, and its real-world asset total is mostly one token.
Before you read a falling stablecoin supply as people leaving, split it by who holds it.
08 · How we measured itMethod
We read the supply of every sizeable dollar coin on the C-Chain at the start of each month, from January 2025 to October 2026. USDt counts only the part outside Tether's treasury. We leave out MAI, a dollar coin whose $19.2 million supply on the chain has sat almost untouched since 2023. Then we rebuilt the balances of the biggest holders from their transfers and checked the largest of them against the chain's own records.
Exchange wallets are the ones our labels tie to an exchange, most of them from the exchanges' own proofs of reserves. Regular users come from our earlier count. The transfers and contract events docs describe the data. To trace any of these wallets yourself, use Bitquery's MCP server.
09 · The recordAddresses behind this story
FAQ
What is the stablecoin supply on Avalanche?
About $998 million at the start of October, counting the USDt in circulation, USDC and the smaller dollar coins. That is less than half of what the chain held when 2025 began.
Why did Avalanche's stablecoin supply fall?
The USDt in circulation fell, and the drop came out of exchange reserves. Binance's and OKX's wallets on the chain lost more stablecoins than the whole chain did, and most of their USDt went back to Tether's treasury. Why the exchanges kept less there is not on the chain.
Did users take their dollars off Avalanche?
Far less than the totals suggest. Outside exchange wallets, and leaving out the new coin avUSD, the dollars on the chain fell 19%, against 72% in exchange wallets.
What is USDt's circulating supply on Avalanche?
About $374 million at the start of October, which is the USDt outside Tether's treasury. Most of the rest of the supply has gone back to the treasury, where it sits unused.
Is Tether still minting USDt on Avalanche?
Not since mid-December 2024. Tether minted new USDt there through that year, and the total supply has not changed since its last mint.
How much USDC is on Avalanche?
About $418 million, close to where it was when the drop began. Circle mints billions of USDC onto Avalanche each year, and about as much leaves again, through Circle's own redemptions and its CCTP bridge.
What is CCTP?
CCTP is Circle's bridge for USDC. It burns USDC on one chain and mints the same amount on another, so no wrapped copy is left behind.
Exchange wallets are the large holders our labels tie to an exchange. Most of their money sits in wallets named in the exchanges' proofs of reserves; Binance's biggest wallets are among them. OKX's main wallet has no proof-of-reserves listing; our labels name it from how it moves money. Binance.US counts as a separate exchange. A holder we cannot label counts as everyone else, so some exchange money may sit there too, and the exact total for all exchanges moves by a few percent with the labels we use.
Everyone else means every holder our labels do not tie to an exchange: apps, bots, smaller exchanges we could not label, and people. Counting avUSD, a coin issued by Avant that grew to $125 million, everyone else ended about level; without it, they fell 19%.
We rebuilt balances for every address that received at least $20 million of USDt or $50 million of USDC since 2024. Smaller holders count as everyone else. One Circle minting wallet's older history has a gap of $131 million in our data, so its balance comes from the node.
MAI is left out of every total. Its supply on Avalanche, $19.2 million, has not changed since 2025; $19.1 million of it sits in three contracts and two burn addresses, untouched since 2023, and only $0.6 million of it has moved since January 2025. Counting it would add the same amount to every month and leave the drop unchanged.
Tether's treasury address on Avalanche also carries a Bitfinex label in some label sets, so part of Bitfinex's flow to it may be a move between wallets of related companies.
Why Binance and OKX kept less on Avalanche is not on the chain. We can see where their USDt went; we cannot see their reasons.
Regular wallets stand in for users. One person can run several wallets and some bots pass our tests, so the count shows the direction better than the size.
This article is provided for informational and educational purposes only and reflects analysis of publicly available on-chain data as of the dates indicated. It does not constitute legal, financial, compliance, or investment advice, and nothing in it is a recommendation to buy, sell, or hold any token.
The findings describe token supplies, balances and transfers observed in C-Chain data over the period stated, read from Bitquery's archive and the public node. Addresses are pseudonymous, and an unlabelled address is described by its behaviour and attributed to nobody.
References to Tether, Circle, Binance, OKX, Bitfinex, Bybit, Avant or any other named party describe on-chain records and public data, and are not statements about any entity's conduct, solvency or intentions.
Nothing herein should be relied upon as a definitive determination of fact. Readers should conduct their own independent verification before taking any action. The authors and publisher accept no liability for any loss or damage arising from reliance on this material. All trademarks and company names are the property of their respective owners.
Reported by Gaurav Agarwal for Bitquery Research, with AI tools; every figure was checked against the raw data.
Track any chain's stablecoin supply
The balances, supplies and transfers above come from Bitquery's C-Chain data, which holds every transaction since 2020. The same data is open through our API, so you can track any stablecoin's supply, split it by holder, or follow an exchange's wallets across chains.