Looking at the latest 90-day moving average, stablecoin flows just hit a notable milestone. Combined daily transfer volume for USDT and USDC has climbed to around $192 billion—that's nearly double the settlement activity across Bitcoin, Ethereum, and the next three major crypto assets combined, which sit at roughly $103 billion per day.

What does this tell us? The story here is pretty clear: liquidity doesn't just flow through crypto anymore—it pools where it's most useful. Stablecoins have become the primary rails for moving value and settling transactions across blockchains and exchanges. It's not hype; it's infrastructure consolidation playing out in real time. The on-chain data shows exactly where market participants prefer to park and move their capital.