Weekly On-Chain Transaction Data Report - September 21 - 27, 2026

Overview: Issuance Returned, and It Was Uneven

After last week's flat close, stablecoin supply resumed growing: $311.29B across DefiLlama's tracked universe on September 27, up $1.56B (+0.50%) from $309.73B a week earlier. The growth was uneven in three ways. By issuer: USDC did most of the work, adding $1.06B (+1.42%) while USDT added $0.44B (+0.24%). By day: the week swung between a $311.51B high on Tuesday and a $308.67B low on Thursday before recovering into the close. And by rail: Solana's USDT float jumped about 26% while TRON's and BSC's sat still. Underneath the aggregates, September 24 was the loudest single day of the month - the Bitget breach plus three smaller incidents - and the supply trough landed on exactly that day. The coincidence is noted, not explained.

1. Network Activity

The week belonged to one price move and its aftermath. Bitcoin started Monday near $81,200 and jumped about 6.7% during Monday's session - the Tuesday-dated UTC daily prints $86,597, with intraday highs reported near $87,374 - then spent the rest of the week easing back to close near $84,417, up roughly 4% on the week. Ethereum traced the same arc from about $2,645 to an early-week print near $2,775, closing near $2,696. TRX barely moved: $0.3425 Monday to $0.3343 Sunday, a 2.4% drift that left every TRON-denominated cost almost unchanged in dollar terms.

TRON's network-scale announcements frame the activity side: TRON DAO reported $30T in lifetime settled volume, 405M accounts, 15B transactions and about $28B TVL, with Token Terminal data showing roughly $6T of USDT transfer volume year to date - about $25B a day. There was no fresh transfer-count print this week; the standing estimate of about 7.5M stablecoin transfers per day is carried unchanged and labelled as an estimate.

2. Stablecoin Settlement

The daily path of total supply tells the week's shape: a Tuesday burst to $311.51B, a midweek slide to $308.67B on September 24, and a Friday-to-Sunday recovery that closed the week at $311.29B - within $0.22B of the high. The trough landing on the day of the Bitget breach and three smaller incidents is noted as a timing fact; attributing a $1B redemption day to a specific cause is beyond what this data supports.

By issuer, this was a USDC week. USDC rose from $74.36B to $75.42B (+$1.06B, +1.42%), peaking at $76.44B on September 25 before giving back about $1B across the weekend - a reminder that issuance and redemption can both move a billion dollars in a day. USDT rose from $183.35B to $183.79B (+$0.44B, +0.24%), a quieter version of the same week. The Binance-Circle commercial deal announced this week, which extended a partnership that had already grown USDC balances on the exchange by roughly 376% to about $7.1B, is the kind of distribution event that shows up in exactly this table with a lag.

3. USDT on TRON

TRON's USDT float was flat at $92.50B (from $92.52B), while Ethereum's fell from $73.73B to $73.36B. The gap between the two rails therefore widened to a record $19.14B - the widest since TRON overtook Ethereum in early 2025, and it widened because the largest chain lost float while the leader held it. Ethereum's USDC, by contrast, grew to $46.73B (+$0.36B), keeping Ethereum's total stablecoin complex roughly flat at about $120B.

*The per-chain USDT series for Base did not return a usable print this week; the cell is left empty rather than estimated. The standout mover is Solana: USDT float up about 26% in one week (from $2.12B to $2.67B) and USDC up $0.34B - small numbers in absolute terms, but the fastest percentage growth of any rail tracked, and consistent with the Solana ETF inflow streak reaching 12 weeks and the chain's fee and DEX milestones this week.

4. Fees and Gas

The floor regime held through the loudest price week of the month. Bitcoin's recommended fees printed 1 sat/vB across all tiers at both ends of the week (verified September 21 and again September 28), meaning the median fee was pinned at the relay floor even on the day BTC pushed past $86,500. A standard 141-vB transfer cost about $0.11-0.12 at the week's prices. Ethereum ran its sub-gwei regime: spot all-in estimates ran 0.06-0.10 gwei (base fee about 0.051 gwei per mempool medians), keeping a 65,000-gas ERC-20 transfer in the low single-digit cents - at the bottom of the site's standing $0.05-0.15 planning band.

5. Large Transfers and Whale Activity

The week's largest single transfer event was not organic whale flow but an attack: the Bitget breach swept roughly $350M out of five exchange wallets across seven chains, with $228M of it compressed into 18 minutes (18:58-19:16 UTC on September 24) and the largest single burst converting $19.67M of USDT0 into 7,111 ETH within six minutes, at a reported premium of up to 5% for speed. That conversion premium is worth reading as a fee: it is what urgent exit liquidity cost at that size. The standing estimate of about 185 transfers above $1M per day in normal conditions is carried unchanged and labelled as an estimate; incident-driven sweeps like this one are logged separately in the anomaly scan.

6. Exchange Flows

The ETF channel had its best week of 2026. US spot Bitcoin ETFs took in about $2.39B across five sessions - the largest weekly total since October 2025 - with inflows declining every day from $998.95M on Monday to $134.47M on Friday. BlackRock's IBIT led at $1.16B for the week. Ethereum ETFs added $689.88M with every day positive. One tracker disagreement is flagged in the table note: FinanceFeeds reported September 25 as a -$253.4M outflow day, while SoSoValue and CoinGlass both print the day net positive.

The midweek Ethereum figures are carried as a band because the sources give the weekly total and the bookend days precisely ($269.98M Monday, $86.95M Friday, ETHA $326.17M and FETH $174.02M for the week) but not each middle day; only the Monday, Friday and weekly-total rows should be treated as exact. On the exchange side, the standing context: USDC balances on Binance sat near $7.1B after the earlier Circle partnership, and the new five-year deal announced this week targets further growth in emerging markets.

7. Staking and Energy Market

TRX drifted from $0.3425 to $0.3343 over the week, leaving TRON's dollar costs almost unchanged. Burning energy for a standard 65,000-energy USDT transfer cost about 6.5 TRX ($2.17-2.23 across the week's TRX range); renting the same energy ran about 1.37 TRX ($0.45-0.47), keeping the rental discount near 75%. No fresh sTRX staking-rate print was available this week; the standing estimate of about 4.5% (4.45-4.57% band) is carried and labelled. The institutional layer around TRON widened: Canary Capital's staked-TRX ETF (TRXS) is trading, Bitnomial lists TRX futures, Anchorage Digital added native TRX staking and TRC-20 custody, and OpenZeppelin brought its audited contract libraries to TRON developers on September 24.

8. Anomaly Scan

9. What the Data Says About the Trend

Three threads run through the tables. First, issuance returned but chose its issuer: a +$1.56B universe week that was two-thirds USDC, against a USDT float that grew just 0.24% - a sharp reversal of last week's USDC net-redemption finish, now reinforced by a distribution deal between Circle and the largest exchange. Second, the rails are separating by role rather than competing head-on: TRON held its $92.5B float and its record $19.1B lead while Ethereum lost USDT float but grew USDC, and Solana grew both from a small base. Third, the ETF channel ($3.1B of Bitcoin-plus-Ethereum inflows) and the on-chain channel (+$1.56B of supply) both grew this week, but at different speeds - a reminder that fund flows and on-chain dollars are two different demand signals, and this week only one of them was record-setting.

10. Outlook for Next Week

Five data points to watch. Whether Bitget's withdrawal resumption and protection-fund compensation execute on schedule - an exchange flow event in its own right if users self-custody instead. Whether the Fed's GENIUS Act proposal keeps its two-day redemption clock - remediation plan or full liquidation below par - intact through the 60-day comment period. Whether the supply close above $311B holds, or the September 24 trough was the start of a rotation. Whether Solana's USDT float growth continues a second week, which would turn a curiosity into a trend. And whether ETF flows re-accelerate after the 87% daily fade, or the best week of 2026 stays a one-week event.

11. Methodology Notes

Supply figures are from DefiLlama's stablecoin chart endpoints (the tracked universe including tokenized Treasury funds), read as of the dated closes in each table; issuer figures (USDT, USDC) come from the same source's per-asset series. Per-chain floats are from DefiLlama's chain-level series for the dated closes shown; the Base USDT series failed to return a usable print this week and is marked n/a rather than estimated. Prices are DefiLlama Coin price history at 00:00 UTC each day; intraday extremes cited in commentary come from the market coverage named in the text. Fee data: mempool.space recommended rates (verified at both ends of the week), Owlracle and Blockchair all-in gas estimates for Ethereum, and TRON cost maths at the stated TRX prices - TRON's daily settlement volume is quoted from Token Terminal data in TRON DAO's September 23-24 announcement (about $25B a day; CoinDesk reporting separately cites about $150B a week). ETF flows are SoSoValue data as reported by The Unum and 24/7 Wall St., with the September 25 tracker disagreement flagged in the section. Incident figures are taken from the exchange statements, security firms and investigators named in each row; dollar values are as reported at the time of each event and may differ from this week's reference prices.