The Day and Night Difference in USDC Usage Across EVM Chains

The Five USDC Usage Profiles In this study, we examined USDC usage across the five most popular EVM chains: Ethereum, BNB Chain, Base, Arbitrum, and Polygon — to understand how USDC is deployed depending on where it is held. Using on-chain transfer data from Circle’s deployed contracts and address classifications from the Dune Spellbook label set, we find that the chain a user is on is a stronger predictor of how their USDC is deployed than any other single factor. The differences are stark: from exchange-dominated custodial chains to DeFi-native networks where USDC functions as productive cap