{"id":40043,"date":"2026-10-15T16:12:41","date_gmt":"2026-10-15T14:12:41","guid":{"rendered":"https:\/\/crystalintelligence.com\/?p=40043"},"modified":"2026-10-15T16:14:37","modified_gmt":"2026-10-15T14:14:37","slug":"who-moved-stablecoins-in-q3","status":"publish","type":"post","link":"https:\/\/crystalintelligence.com\/stablecoin\/who-moved-stablecoins-in-q3\/","title":{"rendered":"Who moved stablecoins in Q3"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"40043\" class=\"elementor elementor-40043\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4fbbdb7e e-con-full e-flex e-con e-parent\" data-id=\"4fbbdb7e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-683579e6 elementor-widget__width-auto elementor-widget elementor-widget-image\" data-id=\"683579e6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"40\" height=\"40\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/03\/Blog-Icon.svg\" class=\"attachment-full size-full wp-image-36274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 40px; --smush-placeholder-aspect-ratio: 40\/40;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7b879e51 e-con-full e-flex e-con e-child\" data-id=\"7b879e51\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-27b99e1d elementor-widget elementor-widget-heading\" data-id=\"27b99e1d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">By Hannah Curtis<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74be3858 elementor-widget elementor-widget-heading\" data-id=\"74be3858\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<span class=\"elementor-heading-title elementor-size-default\">Crystal Foresight Product Leader \n<\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73c71c0d e-con-full e-flex e-con e-parent\" data-id=\"73c71c0d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-6925f47c e-con-full e-flex e-con e-child\" data-id=\"6925f47c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-35c10bab e-con-full e-flex e-con e-child\" data-id=\"35c10bab\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b71c46f elementor-widget-tablet_extra__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"2b71c46f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Share via:\n<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-209882de elementor-widget elementor-widget-image\" data-id=\"209882de\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"facebook-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/FB.svg\" class=\"attachment-full size-full wp-image-35273 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e101cdb elementor-widget elementor-widget-image\" data-id=\"7e101cdb\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"linkedin-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/In.svg\" class=\"attachment-full size-full wp-image-35275 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-536fdd5d elementor-widget elementor-widget-image\" data-id=\"536fdd5d\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"x-post\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"36\" height=\"36\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/02\/x.svg\" class=\"attachment-full size-full wp-image-35274 lazyload\" alt=\"\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 36px; --smush-placeholder-aspect-ratio: 36\/36;\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-35b3d9f9 e-con-full e-flex e-con e-child\" data-id=\"35b3d9f9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-160b1b3e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"160b1b3e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-75ab97c elementor-inline-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-custom\">\n\t\t\t\t\t\t\t\t\t\tUpdated on: October 15, 2026\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7fca05cb e-con-full e-flex e-con e-parent\" data-id=\"7fca05cb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-12ac7115 e-con-full e-flex e-con e-child\" data-id=\"12ac7115\" data-element_type=\"container\" data-e-type=\"container\" id=\"content-container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-67edbb9b elementor-widget elementor-widget-text-editor\" data-id=\"67edbb9b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Stablecoin supply grew less than 1% in the third quarter of 2026, but the largest holders were busy underneath. RLUSD grew 59%. Exchanges cut billions of dollars of USDT and added other stablecoins, many of them backed by rewards programs and revenue-sharing deals.<\/p><h2>Key takeaways<\/h2><ul><li><p><strong>Supply barely moved.<\/strong> The stablecoins we track rose $2.2B (+0.7%) to $297.6B, leaving the market about 0.2% below the $298.2B it started the year at.<\/p><\/li><li><p><strong>Exchanges used USDT to fund their moves.<\/strong> Between them, 19 named exchanges and lenders cut $4.6B of USDT and added about $1.9B of other stablecoins, often ones that carry rewards, such as RLUSD at Bybit and USDGO at Bitget and MEXC.<\/p><\/li><li><p><strong>RLUSD grew the most.<\/strong> Its supply rose $929M (+59%) to $2.5B, the largest dollar gain of any stablecoin we track.<\/p><\/li><li><p><strong>USDC&#8217;s derivatives growth came with revenue sharing.<\/strong> Hyperliquid&#8217;s USDC deposits grew $1.5B, about three-quarters of it from one cluster of linked wallets. Coinbase, which holds the reserve, passes most of the income on those deposits to the venue.<\/p><\/li><li><p><strong>Lending growth was sponsored.<\/strong> Most of Morpho&#8217;s $404M gain came from a single $250M RLUSD deposit that Spark placed in a vault it co-runs.<\/p><\/li><\/ul><h2>How much did stablecoin supply grow in Q3 2026?<\/h2><p><img decoding=\"async\" class=\"alignnone size-full wp-image-40047 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102601.png\" alt=\"Bar chart of Q3 2026 stablecoin supply changes: RLUSD (+$929M) and USDC (+$687M) led gains, USDT fell $647M, and the total rose $2.16B to $297.60B.\" width=\"900\" height=\"708\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102601.png 900w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102601-300x236.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102601-768x604.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 900px; --smush-placeholder-aspect-ratio: 900\/708;\" \/><\/p><p><em>Figure 1. Change in supply by stablecoin, June 30 to September 30, 2026 (RLUSD measured July 1 to October 1). Source: Crystal Intelligence market-cap data.<\/em><\/p><p>Supply of the stablecoins we track rose from $295.4B on June 30 to $297.6B on September 30, a gain of $2.2B. RLUSD gained the most, at $929M (+59%). USDC (+$687M), USDe (+$419M), USDGO (+$328M), and USDG (+$240M) followed. Open USD (OUSD), which launched on September 30, closed its first day at $490M.<\/p><p>USDT fell $647M, a 0.4% move on a $184B base. USDtb lost nearly a third of its supply (\u2212$238M), and USD1 fell $218M. Our <a title=\"https:\/\/crystalintelligence.com\/stablecoin\/stablecoins-in-q2-who-grew-and-who-shrank\/\" href=\"https:\/\/crystalintelligence.com\/stablecoin\/stablecoins-in-q2-who-grew-and-who-shrank\/\">Q2 stablecoin review<\/a> covers the quarter before.<\/p><p>The flat total hides how much moved between holders. The largest holders moved about $32B in gross terms, and most of it netted out. The useful signal is who moved, and into which coins.<\/p><h2>Five ways the largest holders moved<\/h2><p><img decoding=\"async\" class=\"alignnone size-full wp-image-40048 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102657.png\" alt=\"Stacked bars of Q3 2026 holder moves in five groups: moving into one coin (+$9.83B, 589 holders), leaving one coin (\u2212$7.27B, 457), rotating (\u2212$3.76B, 36), retreating across (\u2212$3.41B, 30), and building across (+$1.98B, 24)\" width=\"900\" height=\"324\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102657.png 900w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102657-300x108.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102657-768x276.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 900px; --smush-placeholder-aspect-ratio: 900\/324;\" \/><\/p><p><em>Figure 2. Q3 2026 holder movement summed by pattern, early July to October 1, 2026. Issuer, bridge, and staking-contract balances are excluded. Source: Crystal Intelligence holder and entity data.<\/em><\/p><p>We sorted each large holder into one of five patterns, based on how its balances changed across the stablecoins we track:<\/p><ul><li><p><strong>Building across:<\/strong> added several stablecoins and cut almost nothing<\/p><\/li><li><p><strong>Moving into one coin:<\/strong> one large addition, little elsewhere<\/p><\/li><li><p><strong>Rotating:<\/strong> added some stablecoins while cutting others<\/p><\/li><li><p><strong>Retreating across:<\/strong> cut several stablecoins and added almost nothing<\/p><\/li><li><p><strong>Leaving one coin:<\/strong> one large cut, little elsewhere<\/p><\/li><\/ul><p>The single-coin groups are the largest by volume, at +$9.8B in and \u2212$7.3B out. Most of that is wallets opening or closing large positions, such as new storage wallets, over-the-counter settlements, and withdrawals to self-custody.<\/p><p>The multi-coin groups are smaller but more revealing. They show which holders chose between stablecoins, and nearly all of them are named exchanges, lenders, and protocols. Because issuer, bridge, and staking-contract wallets are excluded, and the figures cover only the largest holders of each coin, the five groups net to about \u2212$2.6B even though supply rose $2.2B.<\/p><p>The charts show change during Q3 only. At quarter-end, named exchanges in our data held about $85B of these stablecoins, roughly two-thirds of it USDT. Binance alone held $41B of USDT. The quarter&#8217;s rotation moved a few billion dollars against that base.<\/p><p><img decoding=\"async\" class=\"alignnone size-large wp-image-40049 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102736-807x1024.png\" alt=\"Q3 2026 stablecoin moves by named holder, grouped by pattern: Hyperliquid added $1.50B of USDC, while Bybit, OKX, and Binance cut USDT and added other stablecoins.\" width=\"807\" height=\"1024\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102736-807x1024.png 807w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102736-236x300.png 236w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102736-768x975.png 768w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102736.png 900w\" data-sizes=\"(max-width: 807px) 100vw, 807px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 807px; --smush-placeholder-aspect-ratio: 807\/1024;\" \/><\/p><p><em>Figure 3. Change in stablecoin balances by named holder, early July to October 1, 2026. Cuts run left of zero, additions right. Source: Crystal Intelligence holder and entity data.<\/em><\/p><h2>Lending vaults and trading venues added several stablecoins<\/h2><p>Three venues added several stablecoins at once and cut almost nothing. Morpho, a lending protocol, rose $404M across six stablecoins, led by RLUSD (+$218M) and including $49M of USDG on Robinhood Chain. Uniswap, a decentralized exchange whose pools grow when liquidity providers deposit more of each coin, added $260M, mostly USDC (+$111M) and USDG (+$101M).<\/p><p>Lighter, a perpetual futures exchange, added $223M. It uses <a title=\"https:\/\/docs.lighter.xyz\/trading\/multi-asset-margin\" href=\"https:\/\/docs.lighter.xyz\/trading\/multi-asset-margin\">USDC as base collateral<\/a> on its main exchange, where it added $127M. Its newer deployment on Robinhood Chain uses USDG as the settlement dollar and added $96M of USDG.<\/p><p>Morpho&#8217;s gain was built deal by deal. About $247M of it came from one deposit: Spark placed its own RLUSD, under a $250M cap, into a new Sentora x Spark vault, approved in Spark&#8217;s <a title=\"https:\/\/forum.skyeco.com\/t\/september-10-2026-proposed-changes-to-spark-for-upcoming-spell\/28208\" href=\"https:\/\/forum.skyeco.com\/t\/september-10-2026-proposed-changes-to-spark-for-upcoming-spell\/28208\">September 10 governance update<\/a> (<a title=\"https:\/\/github.com\/sparkdotfi\/spark-spells\/pull\/185\" href=\"https:\/\/github.com\/sparkdotfi\/spark-spells\/pull\/185\">spell code<\/a>). Morpho&#8217;s other RLUSD vaults shrank by about $29M, so its net RLUSD gain was $218M. At quarter-end, almost all of the Spark deposit was still waiting for borrowers.<\/p><p>The other Morpho vaults that grew were also built around partners. <a title=\"https:\/\/app.morpho.org\/ethereum\/vault\/0x6dC58a0FdfC8D694e571DC59B9A52EEEa780E6bf\" href=\"https:\/\/app.morpho.org\/ethereum\/vault\/0x6dC58a0FdfC8D694e571DC59B9A52EEEa780E6bf\">Sentora&#8217;s main RLUSD vault<\/a> pays about half of its 5.4% headline rate as <a title=\"https:\/\/app.merkl.xyz\/?search=0x6dC58a0FdfC8D694e571DC59B9A52EEEa780E6bf\" href=\"https:\/\/app.merkl.xyz\/?search=0x6dC58a0FdfC8D694e571DC59B9A52EEEa780E6bf\">weekly RLUSD rewards<\/a>. <a title=\"https:\/\/kitchen.steakhouse.financial\/p\/defi-markets-update-2026-08-04\" href=\"https:\/\/kitchen.steakhouse.financial\/p\/defi-markets-update-2026-08-04\">Steakhouse&#8217;s EURCV vault<\/a> pays a flat 3% set by its curator, while most of its deposits sit unlent. Part of Morpho&#8217;s growth came from borrowers: its extra USDe is collateral posted to borrow RLUSD.<\/p><p>At Morpho, the partners behind the vaults decided where balances grew. A sponsor, a curator, or a rewards budget arranged most of the quarter&#8217;s increase.<\/p><h2>Why USDC grew on derivatives exchanges<\/h2><p>The largest single addition of the quarter went to one coin. Traders&#8217; deposits on Hyperliquid, a perpetual futures exchange, rose $1.5B to about $7.2B, all of it USDC. Deribit added $365M of USDC. Both venues earn income tied to USDC.<\/p><h3>Hyperliquid<\/h3><p>Hyperliquid adopted <a title=\"https:\/\/hyperliquid.xyz\/article\/aqav2\" href=\"https:\/\/hyperliquid.xyz\/article\/aqav2\">new rules for USDC<\/a> on August 26. Coinbase holds the reserve behind traders&#8217; USDC and shares most of the reserve yield with the protocol, which <a title=\"https:\/\/news.bitcoin.com\/hyperliquid-aqav2-hype-buyback-usdc\/\" href=\"https:\/\/news.bitcoin.com\/hyperliquid-aqav2-hype-buyback-usdc\/\">reportedly funds buybacks<\/a> of its HYPE token. The deposits belong to traders, but most of the income on them goes to the venue.<\/p><p>The growth was also narrow. About three-quarters of the quarter&#8217;s net increase came from one cluster of wallets that bridged USDC in and deposited it, most likely a single trading firm. Across all deposits, transfers of $100,000 or more were about 2% of the count but 80% of the value.<\/p><h3>Deribit<\/h3><p>Coinbase owns Deribit and funds USDC rewards on Deribit balances. It <a title=\"https:\/\/insights.deribit.com\/exchange-updates\/usdc-rewards-available-in-more-countries\/\" href=\"https:\/\/insights.deribit.com\/exchange-updates\/usdc-rewards-available-in-more-countries\/\">extended those rewards<\/a> to about 70 more countries on August 1. Deribit also launched <a title=\"https:\/\/www.kucoin.com\/news\/flash\/coinbase-discloses-deribit-integration-progress-over-100-usdc-settled-contracts-launched\" href=\"https:\/\/www.kucoin.com\/news\/flash\/coinbase-discloses-deribit-integration-progress-over-100-usdc-settled-contracts-launched\">more than 100 USDC-settled contracts<\/a>. Coinbase International&#8217;s perpetuals <a title=\"https:\/\/primexbt.com\/news\/coinbase-completes-deribit-integration-for-institutional-traders\/\" href=\"https:\/\/primexbt.com\/news\/coinbase-completes-deribit-integration-for-institutional-traders\/\">moved onto Deribit<\/a> on October 1, the last day of our data, so that move will show in Q4.<\/p><p>USDC&#8217;s derivatives growth therefore reflects venue economics as much as trader preference. Circle and Coinbase&#8217;s revenue-sharing agreement renewed in August on the same terms, and Coinbase <a title=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1679788\/000167978826000087\/q226earningsdeck_sec.htm\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1679788\/000167978826000087\/q226earningsdeck_sec.htm\">describes it as perpetually renewable<\/a>. Coinbase passes part of its share to the venues holding USDC.<\/p><p>Quarter-end balances give a more mixed picture. On-chain perpetuals venues in our data hold almost entirely USDC. Aster, which holds mostly USDT and USD1, is the main exception. Most derivatives trading still happens on large centralized exchanges, and their balances remain mostly USDT.<\/p><h2>Why exchanges cut USDT in Q3 2026<\/h2><p>The rotating group shows Q3&#8217;s choices most clearly. Among its named players, the 19 that ended the quarter with smaller balances cut $4.6B of USDT between them. They added about $1.9B of other stablecoins, led by USDC ($569M), RLUSD ($493M), USDGO ($341M), USDe ($236M), and USDS ($139M). These are gross additions. Figure 2 nets each coin within the group, so its additions look smaller.<\/p><p><strong>Table 1. The largest USDT cuts by named holder, and what each added, Q3 2026<\/strong><\/p><table style=\"width: 100%; height: 614px;\"><tbody><tr style=\"height: 56px;\"><th style=\"height: 56px; width: 28.2572%;\"><p><span style=\"color: #ffffff;\">Holder<\/span><\/p><\/th><th style=\"height: 56px; width: 13.5364%;\"><p><span style=\"color: #ffffff;\">USDT<\/span><\/p><\/th><th style=\"height: 56px; width: 29.2724%;\"><p><span style=\"color: #ffffff;\">Added<\/span><\/p><\/th><th style=\"height: 56px; width: 26.9036%;\"><p><span style=\"color: #ffffff;\">Also cut<\/span><\/p><\/th><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>Bybit<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$1.66B<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>RLUSD +$315M, USDe +$64M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>USDC \u2212$155M, USD1 \u2212$118M<\/p><\/td><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>Binance<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$987M<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>USDC +$223M, USDe +$172M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>USD1 \u2212$63M<\/p><\/td><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>OKX<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$899M<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>USDC +$273M, RLUSD +$67M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>USDG \u2212$375M<\/p><\/td><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>Sky group (Sky, Spark, Grove)<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$444M<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>USDS +$139M, RLUSD +$92M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>PYUSD \u2212$42M<\/p><\/td><\/tr><tr style=\"height: 78px;\"><td style=\"height: 78px; width: 28.2572%;\"><p><strong>MEXC<\/strong><\/p><\/td><td style=\"height: 78px; width: 13.5364%;\"><p>\u2212$326M<\/p><\/td><td style=\"height: 78px; width: 29.2724%;\"><p>USDGO +$262M, USDC +$46M<\/p><\/td><td style=\"height: 78px; width: 26.9036%;\"><p>USDe \u2212$161M<\/p><\/td><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>Aave*<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$266M<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>USDe +$363M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>USDC \u2212$42M<\/p><\/td><\/tr><tr style=\"height: 80px;\"><td style=\"height: 80px; width: 28.2572%;\"><p><strong>Bitget<\/strong><\/p><\/td><td style=\"height: 80px; width: 13.5364%;\"><p>\u2212$189M<\/p><\/td><td style=\"height: 80px; width: 29.2724%;\"><p>USDGO +$79M<\/p><\/td><td style=\"height: 80px; width: 26.9036%;\"><p>USDC \u2212$28M<\/p><\/td><\/tr><\/tbody><\/table><p>*Aave is shown for its lending rotation. It ended the quarter with a larger balance, so it is not one of the 19. Source: Crystal Intelligence holder and entity data, early July to October 1, 2026.<\/p><p>Several exchanges added a coin they run a rewards program for. Bybit&#8217;s RLUSD gain followed its <a title=\"https:\/\/www.aap.com.au\/aapreleases\/cision20260720ae07834\/\" href=\"https:\/\/www.aap.com.au\/aapreleases\/cision20260720ae07834\/\">RLUSD Hold &amp; Earn campaign<\/a> with Ripple, launched July 20. Bitget&#8217;s USDGO gain followed <a title=\"https:\/\/www.bitget.com\/blog\/articles\/bitget-usdgo-go-uncapped-yield\" href=\"https:\/\/www.bitget.com\/blog\/articles\/bitget-usdgo-go-uncapped-yield\">holding-reward<\/a> and <a title=\"https:\/\/www.bitget.com\/support\/articles\/12560603885961\" href=\"https:\/\/www.bitget.com\/support\/articles\/12560603885961\">conversion campaigns<\/a> that ran from March to July. The Sky group cut USDT and added USDS, which Sky issues.<\/p><p>Lenders rotated too. Aave&#8217;s pools held $266M less USDT and $363M more USDe, reflecting borrower demand for USDe as collateral. OKX made a two-way trade, cutting $375M of USDG alongside its USDT. USDG&#8217;s supply still grew $240M, because Lighter, Uniswap, and Morpho added about $246M of it on Robinhood Chain.<\/p><p>Regulation may also have played a part. <a title=\"https:\/\/www.financemagnates.com\/cryptocurrency\/regulation\/europes-crypto-market-after-july-1-who-stays-who-leaves-and-what-changes-under-mica\/\" href=\"https:\/\/www.financemagnates.com\/cryptocurrency\/regulation\/europes-crypto-market-after-july-1-who-stays-who-leaves-and-what-changes-under-mica\/\">MiCA&#8217;s transitional period<\/a> for crypto service providers ended on July 1, and USDT is not authorized under MiCA. The rotation is consistent with venues reducing exposure to USDT while adding coins that carry rewards.<\/p><p>Not all of the USDT left for other stablecoins. Wallets we could not attach to a named holder added about $1.5B of USDT over the quarter, some of it exchange clients withdrawing to their own wallets. Part of the USDT that exchanges cut moved to self-custody rather than out of USDT.<\/p><h2>Who cut stablecoin balances in Q3 2026<\/h2><p>Holders in the retreating groups shrank their balances. Coinbase and Coinbase Prime together held $692M less, nearly all of it USDC. Some of that may have moved within the Coinbase group, since Deribit added $365M of USDC over the same period.<\/p><p>Kraken cut $514M, mostly USDC (\u2212$317M) and USDT (\u2212$105M). Galaxy Digital, Gate, and Crypto.com each cut $95M to $116M across two or more coins.<\/p><p>Taken with the building and derivatives groups, balances moved toward venues with active lending, derivatives trading, or partner rewards. Coinbase is the exception: it pays USDC rewards but still cut balances.<\/p><h3>Ethena drew down USDtb as USDe spread<\/h3><p><img decoding=\"async\" class=\"alignnone size-full wp-image-40050 lazyload\" data-src=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102819.png\" alt=\"Bar chart of Q3 2026 balance changes: Ethena's treasury wallets cut USDtb by $314M while USDe grew at Aave (+$363M), Binance (+$172M), and Bybit (+$64M).\" width=\"900\" height=\"584\" data-srcset=\"https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102819.png 900w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102819-300x195.png 300w, https:\/\/crystalintelligence.com\/rohirov\/2026\/10\/image-20261015-102819-768x498.png 768w\" data-sizes=\"(max-width: 900px) 100vw, 900px\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 900px; --smush-placeholder-aspect-ratio: 900\/584;\" \/><\/p><p><em>Figure 4. Ethena treasury wallets and where USDe went, early July to October 1, 2026. Source: Crystal Intelligence holder and entity data.<\/em><\/p><p>Ethena&#8217;s treasury wallets ran down $314M of USDtb, the <a title=\"https:\/\/gov.ethenafoundation.com\/t\/proposal-usdtb-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund\/385\" href=\"https:\/\/gov.ethenafoundation.com\/t\/proposal-usdtb-as-a-usde-backing-asset-and-eligible-asset-for-the-reserve-fund\/385\">Treasury-backed dollar<\/a> Ethena created to help back USDe. USDtb&#8217;s total supply fell $238M, so other holders added about $76M. Over the quarter, USDe supply grew $419M. The new USDe went mainly to Aave (+$363M), Binance (+$172M), and Bybit (+$64M), where it is used as collateral and margin.<\/p><p>USDe <a title=\"https:\/\/www.cryptotimes.io\/2026\/09\/11\/ethena-brings-usde-and-susde-to-tron-as-usdt-dominates\/\" href=\"https:\/\/www.cryptotimes.io\/2026\/09\/11\/ethena-brings-usde-and-susde-to-tron-as-usdt-dominates\/\">reached Tron through Stargate<\/a> on September 11, and much of the quarter&#8217;s new USDe moved to other chains in a few large transfers. Who is behind those transfers needs further research.<\/p><h2>Who pays for stablecoin distribution<\/h2><p>Rotations like these cost money, and issuers fund much of it. Circle paid $410M in distribution and transaction costs in Q2, 58.5% of its $701M revenue, according to its <a title=\"https:\/\/s206.q4cdn.com\/265218871\/files\/doc_news\/2026\/Aug\/05\/CIRCLE_Q2-2026.pdf\" href=\"https:\/\/s206.q4cdn.com\/265218871\/files\/doc_news\/2026\/Aug\/05\/CIRCLE_Q2-2026.pdf\">Q2 2026 results<\/a>. Coinbase alone received $325M under its revenue-sharing agreements with Circle, according to Circle&#8217;s <a title=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1876042\/000187604226000248\/crcl-20260630.htm\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1876042\/000187604226000248\/crcl-20260630.htm\">Q2 2026 Form 10-Q<\/a>.<\/p><p>Tether reported $1.5B of net operating profit for Q2 in its <a title=\"https:\/\/tether.io\/news\/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons\/\" href=\"https:\/\/tether.io\/news\/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons\/\">press release<\/a>. Its reserve buffer, the amount by which its assets exceed the USDT in circulation, roughly halved to $4.1B in the quarter, according to its <a title=\"https:\/\/tether.to\/en\/transparency\/?tab=reports\" href=\"https:\/\/tether.to\/en\/transparency\/?tab=reports\">BDO-assured reserve report<\/a>.<\/p><p>PayPal is paying too. USD.AI, which lends to borrowers buying computing hardware, holds PYUSD as the reserve behind its own USDai token. The two <a title=\"https:\/\/usd.ai\/insights\/pyusd-paypal-usdai-integration\" href=\"https:\/\/usd.ai\/insights\/pyusd-paypal-usdai-integration\">offer a 4.5% incentive<\/a> on up to $1B of deposits. USD.AI&#8217;s PYUSD reserve rose $51M in Q3 as new USDai was minted.<\/p><p>New entrants are bidding for the same venues. Open USD<a title=\"https:\/\/bridge.xyz\/blog\/ousd-is-live-issued-by-bridge\" href=\"https:\/\/bridge.xyz\/blog\/ousd-is-live-issued-by-bridge\">launched on September 30<\/a>, issued by Stripe&#8217;s Bridge with Coinbase, Visa, and Mastercard among its partners (<a title=\"https:\/\/stripe.com\/newsroom\/news\/ousd-is-now-available-on-stripe\" href=\"https:\/\/stripe.com\/newsroom\/news\/ousd-is-now-available-on-stripe\">Stripe announcement<\/a>). Most of its reserve yield is designed to flow back to partners.<\/p><p>Budgets for these deals grew late in the quarter. The Federal Reserve <a title=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260916a.htm\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260916a.htm\">raised its target range<\/a> by 25 basis points to 3.75% to 4.00% on September 16, so every reserve-backed issuer now earns more on its Treasuries. The effect will show in Q4.<\/p><h2>What to watch in Q4 2026<\/h2><p>Q3 was a quarter of competition for where stablecoins sit. Venues that pay rewards, lend, or settle derivatives drew balances in, and USDT was the coin most often cut to fund those moves. Three questions will show whether the pattern holds:<\/p><ul><li><p>Do rewards-led balances stay once programs end? Bybit&#8217;s RLUSD Hold &amp; Earn phase closes on October 18.<\/p><\/li><li><p>Does revenue sharing keep drawing derivatives deposits to USDC, or do rival issuers match the terms?<\/p><\/li><li><p>Do newer dollars that share reserve yield, such as Open USD, take share from the incumbents?<\/p><\/li><\/ul><h2>Frequently asked questions<\/h2><h3>How much did stablecoin supply grow in Q3 2026?<\/h3><p>Supply of the stablecoins Crystal tracks rose $2.2B (+0.7%) to $297.6B between June 30 and September 30, 2026. That left the market about 0.2% below the $298.2B it started the year at. Underneath the flat total, the largest holders moved about $32B in gross terms.<\/p><h3>Which stablecoin grew most in Q3 2026?<\/h3><p>RLUSD. Its supply rose $929M (+59%) to $2.5B, the largest dollar gain of any stablecoin Crystal tracks. Bybit, which ran an RLUSD rewards campaign with Ripple, added $315M, and a single Spark deposit put about $247M into a Morpho lending vault.<\/p><h3>Why did exchanges cut USDT in Q3 2026?<\/h3><p>Between them, 19 named exchanges and lenders cut $4.6B of USDT and added about $1.9B of other stablecoins, often ones with rewards programs, such as RLUSD at Bybit and USDGO at Bitget and MEXC. Part of the USDT moved to self-custody rather than to other stablecoins. The end of MiCA&#8217;s transitional period on July 1 may also have played a part.<\/p><h3>Why did USDC grow on Hyperliquid?<\/h3><p>Traders&#8217; USDC deposits on Hyperliquid rose $1.5B to about $7.2B in Q3 2026. Under rules adopted on August 26, Coinbase shares most of the reserve yield on that USDC with Hyperliquid. About three-quarters of the net increase came from one cluster of linked wallets.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-22e660d9 e-con-full e-flex e-con e-child\" data-id=\"22e660d9\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e804fa6 elementor-widget elementor-widget-text-editor\" data-id=\"5e804fa6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-renderer-start-pos=\"25053\" data-local-id=\"801b28e0850f\">Track stablecoin flows with Crystal Foresight<\/p><p data-renderer-start-pos=\"25053\" data-local-id=\"801b28e0850f\">Crystal Foresight tracks supply, holder, and entity data across major stablecoins. 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the largest holders were busy underneath. RLUSD grew 59%. Exchanges cut billions of dollars of USDT and added other stablecoins, many of them backed by rewards programs and revenue-sharing deals. Key takeaways Supply [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":40045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[776],"tags":[],"class_list":["post-40043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stablecoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q3 2026 Stablecoin Flows: Who Cut USDT and Where It Went<\/title>\n<meta name=\"description\" content=\"Stablecoin supply rose under 1% in Q3 2026 while RLUSD grew 59% and exchanges and lenders cut $4.6B of USDT. 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