Take Away USDC and USDT, and These US$105B Chain Markets Shrink to US$1.9B
Hyperliquid, Tron and Base hold US$105.1 billion of measured onchain cash and funds. But USDC and USDT account for US$103.2 billion of it. Remove those two stablecoins and just US$1.9 billion remains. The numbers measure stablecoin distribution, not three broad tokenized-asset markets.
- Hyperliquid, Tron and Base hold US$105.1 billion of measured onchain cash and funds. USDC and USDT account for US$103.2 billion of it, or 98.2%. Removing the two stablecoins leaves US$1.9 billion.
- The concentration is chain-specific: Hyperliquid is 100% USDC in the measured cohort, Tron is 98.6% USDT, and Base is 87.3% USDC. A large chain-capital number can therefore show stablecoin distribution rather than a broad tokenized-asset market. see data →
- This is an exposure measure, not a quality verdict. The denominator covers measured stablecoins, tokenized cash funds and commodities, and excludes stale, non-additive and unsupported-price legs. It does not include tokenized equities or every deployed asset. see data →
Figures are as of the publication date. Current figures are on the record.
Hyperliquid, Tron and Base collectively hold US$105.1 billion of measured onchain cash and funds. That sounds like three large tokenized-asset markets. Remove USDC and USDT, and the combined total is US$1.9 billion.
USDC and USDT account for US$103.2 billion of the US$105.1 billion total: 98.2%. Hyperliquid is entirely USDC in this measured cohort. Tron is 98.6% USDT. Base is 87.3% USDC. This comparison shows what that asset mix means for the chain totals themselves.
The headline totals are stablecoin distribution
None of the individual facts should surprise a crypto-native reader: Tron has long been a USDT venue, and USDC is deeply embedded on Base and Hyperliquid. The surprise is the combined result. Across three chains that appear to hold US$105.1 billion, only US$1.9 billion is left outside USDC and USDT in the measured cohort. A trading venue can rationally standardize on one stablecoin; a payments rail can do the same. Circle's own network documentation describes native USDC across multiple networks, including Base and Hyperliquid. Circle's network list sets out that distribution context. The finding is narrower: a chain's capital total does not show whether its financial activity is diversified across assets or concentrated in one stablecoin.
Fig 1 — Leading stablecoin as a share of measured onchain cash and funds, Sep 16, 2026
Three large chain markets are almost entirely one stablecoin
Share of the defined measured stablecoin, tokenized-cash-fund and commodity cohort held by the leading stablecoin. Hyperliquid is 100% USDC; Tron is 98.6% USDT; Base is 87.3% USDC.
Why the concentration matters
Chain leaderboards compress two different things into one number: capital present and market breadth. These three chains have substantial capital, but their measured cash-and-fund bases depend overwhelmingly on one stablecoin. That is a concentration exposure. If the anchor stablecoin loses liquidity, changes its distribution terms, faces a regulatory constraint or shifts to another venue, the chain's headline capital and available settlement liquidity can change together. The Federal Reserve has identified growing interconnections between stablecoin issuers, exchanges and blockchain infrastructure as a source of structural vulnerability. Its 2026 review does not assess these three chains individually; it establishes why dependence across those links matters.
The relevant next measure is therefore not merely whether capital rises. It is whether the leading stablecoin's share falls as other stablecoins, funds and collateral assets gain a foothold. If it does not, the chain may grow while remaining a specialized settlement venue rather than becoming the broad tokenized-asset market its headline capital suggests.
Hyperliquid US$6.27B, all USDC; Tron US$93.95B, US$92.65B / 98.6% USDT (USDT at circulating supply, net of Tether's unissued onchain treasury); Base US$4.85B, US$4.24B / 87.3% USDC. Combined: US$105.07B, of which US$103.15B / 98.2% is USDC or USDT; US$1.92B remains after removing them.
OnChain Benchmark methodologyThe denominator contains stablecoins, tokenized cash funds and commodities with current valid onchain supply and price/NAV reads. It excludes stale, non-additive and unsupported-price legs, and it does not represent tokenized equities or every asset deployed on a chain. One leg, Base USDe (about US$0.37B), is priced on a disclosed US$1.00 peg fallback rather than a measured onchain price, because its onchain USD pool depth is below our measurement threshold on this date — the same disclosed-fallback treatment applied to several other stablecoins in our methodology.
OnChain Benchmark methodologyThe Federal Reserve identifies the growing interconnections among stablecoin issuers, exchanges and blockchain infrastructure as a structural vulnerability. This report does not infer an incident or a likelihood of loss; it measures where one stablecoin is the dominant settlement dependency.
Federal Reserve- How much of Hyperliquid, Tron and Base is USDC or USDT?
- In the defined measured cash-and-fund cohort, USDC and USDT account for US$103.2B of the three chains' US$105.1B total, or 98.2%. Hyperliquid is 100% USDC, Tron is 98.6% USDT and Base is 87.3% USDC. USDT is measured at circulating supply, net of Tether's minted-but-unissued onchain treasury.
- Does this mean these chains have no other assets?
- No. It means USDC or USDT dominates the defined measured stablecoin, tokenized-cash-fund and commodity denominator. The report does not claim to measure every tokenized equity or every asset deployed on those chains.
- Why does stablecoin concentration matter for a chain?
- A chain total can reflect one stablecoin's distribution and settlement role rather than a broad multi-issuer market. That creates dependence on the anchor stablecoin for a large share of usable liquidity; tracking its share distinguishes capital growth from market diversification.