Looking at the 90-day simple moving average, stablecoins have firmly established themselves as the backbone of on-chain value transfer. The numbers tell a striking story: USDC commands roughly $124 billion in circulating value, while USDT trails at approximately $68 billion. Together, these two assets represent the primary liquidity rails driving the entire ecosystem.

Meanwhile, native blockchain assets paint a different picture. Bitcoin sits at around $81 billion, Ethereum holds $7.9 billion, and Solana claims $9.6 billion. Other major players like XRP ($2.2 billion) and BNB ($1.6 billion) round out the landscape.

What's particularly noteworthy is how stablecoins have become the default mechanism for efficient asset movement across chains and platforms. As traditional blockchain assets continue to serve their roles in the ecosystem, it's the fiat-pegged tokens that increasingly facilitate the actual liquidity flows. This shift reflects a maturing market where practicality and transaction efficiency take precedence in day-to-day operations.