@w3cmx
Stablecoin supply grew 2.5x since Jan 2024 — from $25B to $110B across tracked chains.
Ethereum still dominates at 75-80%. But that's not the story.
The story is where new supply is going: Base, Arbitrum, Polygon are absorbing new issuance faster than mainnet.
Two institutional signals hidden in the data:
Nov 2024 surge coincided with US elections, not a crypto narrative.
Apr 2026 $193M CCTP inflow came 4 days before Circle's official USDC Bridge launch.
Smart money moves before the announcement.
Full story 👇
https://dune.com/w3cmx/chain-wars-stablecoin-supply-by-blockchain
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