TON Steals the Show While BNB Chain Bleeds as Stablecoin Volumes Spike
Stablecoin activity explodes—and the blockchain winners and losers couldn't be more stark.
TON's Telegram-Powered Surge
TON isn't just gaining ground; it's executing a full-scale ecosystem raid. Its deep integration with Telegram provides a user funnel that other chains can only dream of, turning casual app users into on-chain participants overnight. Network metrics are screaming—this isn't a fluke, it's a fundamental shift in where daily crypto activity lives.
BNB Chain's Quiet Struggle
Meanwhile, BNB Chain faces a classic innovator's dilemma. Once the undisputed hub for affordable transactions, it's now watching volume migrate to networks with stronger native use cases or deeper social integrations. The chain is bleeding relevance in key sectors, a worrying sign for a platform built on being the go-to utility layer.
The Stablecoin Signal Everyone Missed
The spike in stablecoin volumes is the real story here. It's not speculative froth—it's capital in motion, the lifeblood of practical DeFi and payments. This surge acts as a high-fidelity indicator of which chains are actually being used for real economic activity, not just NFT gambling and meme coin roulette. The money flow doesn't lie, even if the marketing decks do.
Forget the token prices for a second. The race for blockchain supremacy is being decided by stablecoin settlement volumes—a brutally honest metric that cuts through the hype. One chain is leveraging a massive social graph to capture the future, while another is learning that past dominance guarantees nothing. In crypto, you're either the venue for the party, or you're charging for coat check as everyone leaves.
Bridged capital flows favor Arbitrum
Bridged Net Flows showed a change in the preferences of the users over the past day. The Arbitrum network was the most preferred blockchain for net incoming funds, with an estimated $18-20 million.
The level of activity observed here indicates a short-term attention level on the network, most likely due to Decentralized Financial Services, Trading, and Rewards associated with it. Other than this, there has been a net influx of deposits worth $2-3 million on the Polygon PoS Chain.
Smaller networks such as Solana, Base, Ink, Sui, Starknet, and Avalanche C-Chain posted net inflows of less than $1 million. The data indicate steady activity and not merely a surge. Bitcoin and zkSync Era posted minimal net activity, which means there has been balanced inflow and outflow.
On the other hand, Ethereum was the largest source of net outflows. It lost $12.3 million through the bridging of its capital. Smaller layer one blockchains such as Hyperliquid, edgeX, BNB Chain, Sonic, Unichain, OP Mainnet, Linea, Blast, and Berachain also saw outflows between $1 million and $6 million.
Even though these figures may look significant, they can be seen as very small when put into perspective relative to Ethereum.
Fee generation highlights active chains
Hyperliquid dominated fee generation over the last 24 hours, making a total of just over $2.1 million. This performance put it far ahead of other chains and reflected high trading and on-chain activity. Tron followed at about $750,000 in fees, while BNB Chain collected around $650,000. solana recorded $450,000, with edgeX adding about $350,000.
Ethereum accounted for $250,000 in the recorded fees, while Bitcoin accounted for $200,000. Beyond these top performers, fee generation dropped dramatically: below $100,000 was earned by networks like Osmosis, Base, Dogecoin, Cronos, Polygon PoS, and Arbitrum. Smaller chains, such as Internet Computer, Sui, TON, Stride, and Near, had almost negligible fees to their names, a fair reflection of their relatively anemic transactional action.
Stablecoin market growth and regional trends
According to DeFiLlama, the total market capitalization of all stablecoins stands at $310.14 billion. During the week, the market added approximately $450.04 million. USDT is dominant with a share of 60.20% of the total circulating supply of the stablecoin, estimated at approximately $187 billion, which is central in ensuring liquidity and trading activity.
Historical trends show that the adoption of stablecoin has been expanding dramatically since 2018. It surged through $100 billion in 2021, reached a high of $180–$190 billion in early 2022, contracted during 2022–2023, and rebounded past $200 billion through 2024–2025.
According to analysts at 21Shares, stablecoins are expected to top $1 trillion by 2026, while that of tokenized assets could reach $500 billion.
Crypto growth in Brazil is all about stability, not hype. Adoption in 2025 was led by investors under 24 years old, up 56% on a yearly basis. Fixed-income products tokenized as tokens, such as Mercado Bitcoin’s Renda Fixa Digital, distributed $325 million to their users; returns averaged at 132% of the local benchmark CDI rate.
Meanwhile, India maintains a cautious stance. RBI Deputy Governor T. Rabi Sankar reiterated that private cryptocurrencies cannot function as money or genuine financial assets. He said, “Cryptocurrencies have no intrinsic value. They are not backed by a promise to pay, and they have no issuer. Their value is purely speculative.”
TON’s $500 million inflow shows the network is gaining real traction, while Arbitrum is attracting money from other chains. Stablecoins are steadily growing, and different countries are taking unique approaches to crypto.
Also Read: From April 2026, India Can Track Crypto, Emails, & Social Media
