Allium Geo
Stablecoin payment corridors
How USDC and USDT move between countries, and between businesses and consumers. Reconstructed from Allium's geo attribution of on-chain flows. Trailing 8 weeks.
Classified P2P volume
$423.37B
business/consumer typed
Consumer-to-consumer
100.0%
of classified volume
Cross-border corridors
$174.59M
both ends attributed
Top corridor
USA → Mexico
$20.29M
Payment type mixi
C2Cconsumer → consumer$423.32B
B2Cbusiness → consumer$7.20M
C2Bconsumer → business$42.78M
B2Bbusiness → business$59.1K
Unclassifiedone side unattributed$191.47B
Top countries by stablecoin payment volumei
inbound + outbound · 8wSource
allium_identity.geo.country_corridors_weeklyNet flow by countryi
| Country | Inbound | Outbound | Net |
|---|---|---|---|
| Mexico | $2.33B | $1.74B | +$584.17M |
| Turkey | $2.41B | $1.30B | +$1.11B |
| Indonesia | $1.63B | $1.53B | +$95.74M |
| USA | $1.93B | $1.04B | +$885.82M |
| S. Korea | $2.11B | $577.75M | +$1.53B |
| Australia | $1.16B | $622.43M | +$540.63M |
| Taiwan | $777.69M | $566.61M | +$211.08M |
| Austria | $431.12M | $158.31M | +$272.81M |
| Netherlands | $439.56M | $86.02M | +$353.55M |
| Ukraine | $209.86M | $250.90M | −$41.04M |
| Thailand | $177.48M | $193.76M | −$16.28M |
| Hong Kong | $157.84M | $85.68M | +$72.16M |
| India | $146.30M | $93.62M | +$52.68M |
| Singapore | $151.32M | $48.46M | +$102.86M |
| Brazil | $83.08M | $88.06M | −$4.98M |
| Canada | $118.44M | $47.76M | +$70.69M |
Top cross-border corridorsi
both ends attributed| # | Corridor | Volume | Transfers |
|---|---|---|---|
| 1 | USA → Mexico | $20.29M | 1.0K |
| 2 | Mexico → USA | $17.80M | 917 |
| 3 | Mexico → S. Korea | $8.68M | 287 |
| 4 | Mexico → Turkey | $7.56M | 692 |
| 5 | Indonesia → Turkey | $5.93M | 565 |
| 6 | Taiwan → Indonesia | $5.88M | 641 |
| 7 | Turkey → S. Korea | $5.24M | 565 |
| 8 | Indonesia → Taiwan | $5.21M | 549 |
| 9 | S. Korea → Indonesia | $5.05M | 480 |
| 10 | Turkey → Mexico | $5.00M | 1.1K |
| 11 | Turkey → Australia | $4.78M | 416 |
| 12 | Mexico → Australia | $4.75M | 540 |
| 13 | Indonesia → Mexico | $4.66M | 476 |
| 14 | Taiwan → Turkey | $4.54M | 412 |
| 15 | Turkey → Indonesia | $4.42M | 651 |
| 16 | USA → Australia | $4.35M | 548 |
| 17 | Australia → Turkey | $4.12M | 640 |
| 18 | Australia → Indonesia | $4.03M | 503 |
| 19 | Australia → Mexico | $3.94M | 523 |
| 20 | Turkey → USA | $3.92M | 421 |
| 21 | Mexico → Ukraine | $3.64M | 364 |
| 22 | Australia → USA | $3.55M | 630 |
| 23 | Mexico → Indonesia | $3.49M | 528 |
| 24 | Turkey → Taiwan | $3.35M | 275 |
Methodology
Scope — USDC and USDT flows over the trailing 8 weeks. Source: Allium Identity geo — country_corridors_weekly and entity_flows_weekly.
Country attribution — hosted local/regional exchanges use their operating country; unhosted wallets use inferred geography. Legs that can't be placed are 'unattributed' and excluded from bilateral corridors.
Payment type — Business = hosted exchange/institution wallet, Consumer = self-custodied wallet. Combinations give B2B, B2C, C2B, C2C; either side untyped is Unclassified.
Net flow — inbound minus outbound volume per country, counterparty = rest of world.