Key
Takeaways
- TON leads stablecoin supply
changes with $500.6 million in net inflows over the last 24 hours.
- The data highlights shifting liquidity patterns across
blockchain networks.
- Analysts say the move may reflect growing usage and
settlement activity on TON.
CRYPTO
MARKETS (NewsBlock) -
TON
leads stablecoin supply changes after recording $500.6 million in net inflows over the past 24 hours, the largest
increase among major blockchains, according to data from Artemis.
The sharp inflow matters because
stablecoin supply changes are closely watched as a real-time indicator of
liquidity, trading demand, and on-chain economic activity, often preceding shifts
in market behavior across crypto ecosystems.
TON
Emerges as Top Destination for Stablecoins
Artemis data showed that The Open
Network, known as TON, outpaced other major blockchains in stablecoin inflows
during the 24-hour period. The increase of $500.6 million exceeded net changes
recorded on Ethereum, Tron, Solana, and other widely used networks.
“Stablecoin flows are one of the clearest signals of where activity is moving,”
said James Butterfill, head of research at CoinShares. “TON showing up at the
top of that list is notable.” Stablecoins are typically used for trading,
payments, and on-chain settlement, and inflows often indicate users positioning
capital for transactions rather than long-term storage.
What
the Data Shows
According to Artemis, TON
experienced the largest net increase in circulating stablecoins over the last
day, while several other networks posted smaller inflows or modest outflows.
The data tracks changes across multiple dollar-pegged tokens, including USDT
and USDC, aggregated at the network level.
The $500.6 million figure represents
net issuance and transfers onto the TON blockchain rather than total
transaction volume. Analysts said such inflows often reflect rising demand for
block space and application usage. “Net supply growth means capital is moving
onto the chain, not just circulating internally,” Butterfill said.
Drivers
Behind the Inflows
Market participants pointed to a
combination of factors behind the surge. TON has seen rising activity tied to
payments, gaming, and applications integrated with messaging platforms, which
have expanded the network’s user base.
“There’s a clear link between user
growth and stablecoin demand,” said a strategist at a digital asset trading
firm who declined to be named. “Stablecoins are the fuel.” In recent months,
TON has positioned itself as a high-throughput network with low transaction
costs, characteristics that appeal to developers building consumer-facing
applications.
Comparison
With Other Blockchains
While TON led the daily supply
changes, other major blockchains saw more muted movements. Ethereum, the
largest stablecoin network by total supply, recorded relatively flat net
changes over the same period, according to Artemis data.
Tron, another major hub for
stablecoin activity, posted smaller inflows, reflecting steadier usage patterns
rather than sharp repositioning. Solana’s stablecoin supply was little changed,
continuing a trend of gradual growth rather than large daily spikes.
“Ethereum still dominates in
absolute terms,” said Eric Balchunas, senior ETF analyst at Bloomberg
Intelligence. “But flow data tells you about momentum, not size.”
Why
Stablecoin Flows Matter
Stablecoins play a central role in
crypto markets, acting as a bridge between fiat currencies and digital assets.
Increases in stablecoin supply often precede higher trading volumes, lending
activity, or on-chain payments.
Historically, large inflows to specific
networks have coincided with periods of increased speculation or adoption of
new applications. Conversely, sustained outflows can signal risk-off behavior
or capital leaving decentralized markets.
“Stablecoin flows are a leading
indicator,” said a derivatives analyst at a U.S.-based crypto firm. “They often
move before prices do.”
Institutional
and Retail Signals
Analysts cautioned that stablecoin
inflows do not distinguish between institutional and retail sources, but
patterns can offer clues. Large, rapid increases often point to institutional
transfers or coordinated deployments tied to platform launches or incentives.
Retail-driven growth tends to appear
more gradually, as users onboard and begin transacting in smaller increments.
The size of the TON inflow suggests a mix of both, analysts said. “This looks
too large to be purely retail,” the analyst said. “There’s probably a
coordinated element.”
Market
Context
The inflows come during a period of
mixed sentiment across crypto markets, with major tokens trading in wide ranges
and investors weighing macroeconomic uncertainty. Stablecoins have remained in
demand as traders seek flexibility amid volatility.
“People want optionality,” said
Chris Weston, head of research at Pepperstone. “Stablecoins give you that
without exiting the ecosystem.” The broader stablecoin market has grown
steadily over the past year, supported by increased regulatory clarity in some
jurisdictions and rising use in cross-border payments.
Regulatory
and Structural Considerations
Regulators globally have focused on
stablecoins due to their systemic importance. U.S. lawmakers are debating
legislation that would formalize oversight of issuers, while other regions have
moved ahead with frameworks governing reserves and disclosures.
TON’s growing share of stablecoin
flows could draw attention from policymakers if activity continues to scale.
Network-level growth often brings increased scrutiny around compliance,
anti-money laundering controls, and transparency. “Growth invites oversight,”
said a former regulator familiar with digital asset policy.
Network
Economics and Incentives
Some analysts pointed to incentive
programs and ecosystem funding as possible contributors to the inflows.
Networks often see bursts of stablecoin supply growth when new applications
launch or liquidity incentives are introduced.
“Capital follows incentives,” said a
blockchain economist. “That doesn’t mean the activity isn’t real, but it can
amplify short-term flows.” TON developers have said the network is focused on
sustainable growth rather than temporary liquidity programs. The TON Foundation
declined to comment on the Artemis data.
Impact
on Token Markets
While the data focused on
stablecoins rather than native tokens, such inflows can have secondary effects.
Increased stablecoin availability can support higher trading volumes for network-native
assets and decentralized applications.
Traders said they are watching
whether the inflows translate into sustained on-chain activity or fade after
short-term repositioning. “Follow-through matters,” said the trading
strategist. “One day doesn’t make a trend, but it gets attention.”
Data
Limitations
Analysts cautioned that on-chain
data reflects net changes and does not capture all off-chain activity or
internal exchange movements. Some stablecoin transfers may be related to
operational adjustments rather than user demand.
Still, Artemis data is widely used
by investors and researchers as a standardized measure of network-level flows.
“It’s one of the better snapshots we
have,” Butterfill said.
Broader
Implications for Crypto Infrastructure
The rise of TON in stablecoin flows
highlights the increasingly multi-chain nature of crypto liquidity. Capital now
moves fluidly across networks, responding to user experience, costs, and
application availability rather than legacy dominance.
“That’s the big shift,” said Weston.
“Liquidity is no longer sticky.” For developers and investors, this environment
increases competition among blockchains to attract and retain users through
performance and utility rather than branding alone.
What’s
Next
Market participants will watch
whether TON continues to attract stablecoin inflows over the coming days or if
the surge proves temporary. Sustained growth could signal deeper adoption and
increased economic activity on the network.
Analysts will also monitor whether
similar flows appear on other emerging blockchains, potentially reshaping the
distribution of stablecoin liquidity. For now, TON’s $500.6 million inflow
stands as the clearest signal of shifting momentum in the stablecoin market
over the last 24 hours.