According to the source, global stablecoin supply reached $314 billion in 2025, but market cap alone can obscure which assets and networks control actual trading liquidity and flows. On centralized exchanges, USDT leads by trading volume and number of quote pairs—especially on offshore venues—resulting in tighter spreads and deeper order books versus USDC, according to Kaiko’s 2024 market structure reports. On-chain activity is segmented: USDT transfers are concentrated on Tron by transaction count and volume, while USDC settlement skews toward Ethereum and select Layer-2s, according to Chainalysis 2024 data and Circle’s published network statistics. For trading signals, rising stablecoin balances on exchanges and a lower Stablecoin Supply Ratio have historically coincided with greater crypto buying power, according to Glassnode metrics.