Analysis by CryptoOnchain — Originally published on CryptoQuant Introduction ERC-20 stablecoin activity across addresses associated with Nexo’s platform has reached new relative highs as of l
Analysis by CryptoOnchain — Originally published on CryptoQuant
ERC-20 stablecoin activity across addresses associated with Nexo’s platform has reached new relative highs as of late June 2026, reflecting a sustained expansion in on-chain capital allocation toward the platform. Drawing on 2,383 daily observations spanning late 2019 through June 22, 2026, this analysis presents all figures on a share-of-composition and growth-momentum basis — focusing on structural trends rather than absolute balances.
Caption: Nexo Stablecoin Composition Over Time (% Share). USDC (blue) and USDT (green) collectively dominate the platform’s stablecoin base, with DAI, EURC, USDP, and TUSD occupying the remaining share. Note the visible rise in USDC’s blue band from late 2025 onward. Source: CryptoQuant / Analysis by CryptoOnchain.
USDC dominates the stablecoin composition at ~60.7% of total balances, followed by USDT at ~33% — together accounting for roughly 94% of all stablecoin engagement on the platform.
The two assets exhibit a strong correlation of 0.87, confirming that capital movements into Nexo are broad-based rather than driven by a single-token preference. When users allocate capital to the platform, they do so across the stablecoin spectrum — a healthy signal of diversified, non-speculative inflows.
Caption: Inter-Stablecoin Correlation Matrix (top) and Yearly Average Composition Shift (bottom). The 0.87 USDC–USDT correlation confirms broad-based capital flows, while the yearly bars illustrate USDC’s climb from 41.0% (2024) → 53.1% (2025) → 54.7% (2026) as DAI’s share compresses. Source: CryptoQuant / Analysis by CryptoOnchain.
A particularly notable signal is the acceleration that began in Q4 2025: USDC’s relative balance index roughly doubled between September 2025 and January 2026, marking the steepest sustained inflow phase in the dataset’s entire history.
Momentum readings remained strongly positive throughout this period before a modest — and healthy — consolidation in mid-2026. This kind of cooling after an extended run-up typically indicates sustainable growth rather than a speculative spike destined to unwind.
Caption: Nexo Stablecoin Normalized Growth Index (Base = 100 @ Jan 2024). USDC’s index (blue) climbs past 6,000× its January 2024 baseline, dwarfing USDT’s more measured trajectory (green). The steepest leg of the ascent aligns precisely with the Q4 2025 acceleration. Source: CryptoQuant / Analysis by CryptoOnchain.
Beyond the two dominant assets, DAI maintains a steady ~4.8% share, reflecting consistent engagement from users who favor decentralized, collateral-backed stablecoins.
Most striking, however, is the emergence of EURC. Effectively absent before October 2025, the euro-denominated stablecoin has rapidly grown to ~1.15% of composition. Notably, EURC correlates strongly with both USDT (0.71) and USDC (0.66), suggesting that European user onboarding is moving in lockstep with the platform’s broader growth — a clear sign of geographic diversification.
Caption: Dominant Pair Dynamics (USDC · USDT, left axis) alongside EURC European Onboarding (right axis). EURC’s activation from near-zero in late 2025 to a persistent ~1–5% share signals a new wave of European users entering the platform in tandem with overall growth. Source: CryptoQuant / Analysis by CryptoOnchain.
Taken together, the data depicts an expanding and increasingly diverse user base spanning stablecoin preferences, risk profiles, and currency zones. USDC anchors the platform, USDT provides broad correlated depth, DAI serves the decentralized-preference segment, and EURC opens a clear channel into European markets.
For a CeFi platform, this depth and breadth of stablecoin engagement is a reliable proxy for platform trust — and Nexo’s current trajectory reflects both.
Written by CryptoOnchain. On-chain data via CryptoQuant. This article is for informational purposes only and does not constitute financial advice.
