Stablecoin data across every chain: transfers, mint and burn, and peg
Onchain, every stablecoin movement is a Transfer event: a mint is a transfer from the zero address, a burn is a transfer to it, a payment is one between two wallets. SQD serves that transfer and swap data across 225+ networks, the substrate for flow tracking, supply series, and peg monitoring.
Built for Stablecoins at scale
Cross-chain flow tracking
The same Transfer query runs on every chain a stablecoin is deployed on; the only change is the per-chain contract address. USDC is a separate native deployment on Ethereum, Base, Arbitrum, and more, so a cross-chain flow is transfers in several datasets, joined on address and amount.
Mint and burn monitoring
A mint is a Transfer from the zero address; a burn is a Transfer to it. Stream both from Circle, Tether, MakerDAO, and any issuer as they confirm onchain, then fold mints minus burns into a circulating-supply series.
Peg signals from DEX trades
A stablecoin's peg is the price it trades at, not a contract field. Read the executed price from Swap events on its deepest pools and compare to 1.00; a sustained gap is a depeg signal. This is a trade-price read, not an oracle and not a reserve attestation.
Velocity and concentration metrics
Compute transfer velocity, unique holder counts, and concentration ratios at the wallet level from decoded transfers. The data comes typed; you write the analytics logic, not the data pipeline.
Every movement is a Transfer event
Issuance, redemption, and every payment are the same queryable event. A mint is a Transfer from the zero address, a burn is a Transfer to it, and everything else is a movement between two real addresses. Filter that one event for a stablecoin's contract and you have its entire flow of funds on that chain, no separate supply feed, no aggregator.
One real result from the USDC query on the right, at block 21,000,100, is an issuance: the sender is the zero address, so these are new tokens entering circulation, paid to 0xa622…4974.
The query is one filter on the token address and the Transfer topic. Sender is in topic1, recipient in topic2, amount in data:
The same query on every chain, with two gotchas
A stablecoin is rarely one thing on one chain. The same Transfer query runs on every network SQD indexes, but two things have to be right. First, the contract address is a separate native deployment per chain, so a cross-chain query carries a per-chain address map; using one address everywhere silently returns nothing on the others.
- Ethereum0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
- Base0x833589fcd6edb6e08f4c7c32d4f71b54bda02913
- Arbitrum0xaf88d065e77c8cc2239327c5edb3a432268e5831
Second, block numbers are not comparable across chains: the same height is a different wall-clock moment on each one. To compare a window you resolve the timestamp to a block on each chain first, with one GET (/datasets/{chain}/timestamps/{unix}/block). For a fixed ten-minute window (2025-06-01 00:00 to 00:10 UTC), that same ten minutes is 49 blocks on Ethereum and 2,367 on Arbitrum, and the USDC transfer counts only compare because the windows are time-aligned:
- Ethereum22,606,143491,304
- Base30,973,32730010,483
- Arbitrum342,607,9692,3673,649
Base moved USDC close to eight times as often as Ethereum in that window. With an RPC node you would binary-search block timestamps instead, roughly twenty calls per bound, per chain. The full walkthrough is in the stablecoin data guide.
Transfers and trades, not reserves or balances
Supply is reconstructed
There is no cross-chain supply field to read. Circulating supply is the running total of mints (transfers from the zero address) minus burns (transfers to it), summed across every chain. SQD serves the mint and burn transfers; you fold them into the series.
Peg is a trade price, reserves are off-chain
Peg health is the executed price on the deepest DEX pools versus 1.00, read from Swap events, a monitoring signal, not an oracle. Issuer reserve attestations are off-chain and not indexed; pair onchain data with the issuer's published reports.
Every major stablecoin, every deployment chain
SQD does not maintain a curated list of "supported" stablecoins. Any ERC-20 Transfer event on any of 225+ networks is queryable, including stablecoins that launched yesterday and newer stablecoin-focused chains like Plasma.
What teams build with SQD
Other ways teams use SQD
Each of these runs on the same SQD data layer.
A DEX swap settles its token movement in nested internal calls; an event-log-only feed sees the receipt, not the execution.
SQD sits at the extract-and-decode end of the analytics pipeline.
A raw event log is hex-encoded topics and data.
Query any address and get its history: token transfers, native and internal value, NFT movements, and contract calls, across 225+ networks through one query shape.
A tokenized treasury fund is a regulated security that lives on a public chain.
Most indexers give you event logs.
Following stablecoin transfers across every chain they live on with one query model, aligning windows across chains by timestamp, and reading peg health from DEX trades.
How blockchain history feeds analytics dashboards. The data pipeline, the common metrics, and how this is done in tools like Dune and in-house BI.
Frequently asked questions
How do you track stablecoin flows onchain?
How do you measure stablecoin supply onchain?
Can I get stablecoin reserve data?
How do you read a stablecoin's peg from onchain data?
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