USDT & XAUt, read straight off the chain
USDT circulates on 22 chains with $186.6B in supply, still concentrated on Tron and Ethereum. It's the base asset for $279B/month of perp DEX volume (Hyperliquid alone, not counting spot), $4.5B/month of on-chain lending TVL, and a real-world payment mix split roughly evenly across institutional, business, and consumer flows — not dominated by any single use case. Its tokenized-gold sibling XAUt is used almost exclusively as lending collateral: $85M supplied, all-time borrowing against it totals $9K.
Perpetual DEX & tokenized gold
30-day perp volume by venue, plus where tokenized gold actually trades. Hyperliquid dominates both.
Lending markets
USDT lending TVL and rates by protocol. Utilization runs 75–100% almost everywhere — USDT lending markets stay tight.
| Protocol | Supply TVL | Supply APY | Borrow APY |
|---|
DeFi vaults
Top USDT Morpho vaults on Ethereum, and where USDT ranks among Kamino's Solana vault assets — it isn't the biggest asset everywhere.
| Vault | AUM | Depositors | APY |
|---|
Spot DEX liquidity & fees
USDT spot volume and pool depth by venue, last 7 days. Uniswap and Curve hold the deepest USDT liquidity by a wide margin.
| Pool | Venue | Chain | USDT depth |
|---|
Stablecoin footprint & real-world payments
USDT circulating supply by chain, and how its 7-day real-world payment volume splits by category — institutional, business, and consumer flows are all in the mix.
XAUt lending & collateral
XAUt is supplied to lending markets almost exclusively as collateral, essentially never borrowed against.
Top 100 XAUt holders
The largest XAUt holders are overwhelmingly exchanges, bridges, and infrastructure — not individual retail wallets.
Trader archetypes
Four real behavior patterns among top-100 XAUt holders without an entity label — anonymized, no addresses or ranks shown.