Answers / 4 September 2026
Where does a stablecoin mint actually go?
A stablecoin mint is visible to everyone. Where it lands is not. BlockQuery tracks USDC and USDT from issuance to the venue that receives it, including 480+ regional exchanges across LatAm, Africa and Asia that run on stablecoin rails and are unattributed almost everywhere else.
Everyone sees the mint
Issuance is public and widely watched. But a mint is only the start of a path: from the issuer to a distributor, an exchange, an OTC desk or a regional venue. The mint tells you supply changed. It does not tell you where demand is.
Almost nobody sees the landing
The venue that receives the stablecoin is where the flow becomes commercially meaningful, and regional venues are the least attributed part of the market. BlockQuery's attribution covers 480+ regional exchanges alongside 800+ OTC desks.
Why Tron matters
USDT circulates heavily on Tron, so a stablecoin picture that stops at Ethereum misses a large part of the rails regional venues actually use. BlockQuery's Tron coverage runs to 94.4M+ attributed addresses, alongside 47M+ on Ethereum.
Reading it as data
Each transfer is a record with the issuer or sender on one side and the receiving venue on the other, timestamped and point-in-time attributed. It is the same entity attribution that names Bitcoin flow, applied to stablecoin rails.
Frequently asked questions
Which stablecoins are covered?
USDC and USDT, tracked to the venue that receives them.
Do you see redemptions as well as mints?
The attribution layer names entities on both sides of any transfer, so flows back towards an issuer are visible in the same way as flows out.
Which regions are covered?
Regional exchanges across LatAm, Africa and Asia are explicitly covered, among the 480+ regional venues attributed.
Is this available as a live feed?
Yes. Multi-year history as CSV or parquet, plus a live API in the identical schema, with the entity data feeds.
Request one month of sample data
Entity data feeds: the attribution layer as data you own, in the schema you would receive.