Stablecoin Balances Enriched (Solana)

Daily stablecoin balances with address-type enrichment on Solana

The stablecoins_solana.balances_enriched table extends Solana stablecoin balances with address classification and whale flags.

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Why these enriched tables matter

Stablecoin analysis comes down to two fundamental questions:

1. Where are stablecoins right now? (balances)
2. How did they get there? (activity)

This balances-enriched table answers the first question by going beyond raw balances and adding attribution for where capital sits: CEX, lending, treasury, yield, bridge, whale concentration, and more.

Table schema

Column	Type	Description
blockchain	VARCHAR	Chain name (solana)
day	DATE	Balance date (partition column)
address	VARCHAR	Wallet address
token_symbol	VARCHAR	Token symbol
token_address	VARCHAR	Token mint address
token_standard	VARCHAR	Token standard (spl_token or token2022)
token_id	VARCHAR	Always NULL
balance_raw	UINT256	Raw balance
balance	DOUBLE	Decimals-adjusted balance
balance_usd	DOUBLE	USD value
currency	VARCHAR	ISO 4217 code
address_category	VARCHAR	Address category (see below)
address_subcategory	VARCHAR	Address subcategory (nullable)
address_project	VARCHAR	Project/entity name (nullable)
address_version	VARCHAR	Project version (nullable)
address_label	VARCHAR	Label value (nullable)
is_whale	BOOLEAN	Address holds >= $10M total stablecoins that day
last_updated	TIMESTAMP	Last balance update time

Address categories

Every address receives exactly one address_category — no double counting is possible by construction. When an address matches a curated label, that label wins. Unlabeled addresses fall through: >= $10M balance → unidentified_whale, otherwise → unidentified.

When an address appears in multiple label sets, a fixed priority order resolves the conflict (table is ordered by priority, highest first):

address_category	Allowed address_subcategory values	Description
bridge	bridge_liquidity	Stablecoins escrowed or locked for cross-chain transfers.
dex	dex_liquidity, dex_execution	Stablecoins in decentralized exchange pools and routing contracts.
lending	lending_liquidity, lending_execution	Stablecoins deployed as credit in lending protocols.
yield	yield_liquidity, yield_execution	Stablecoins in strategy or wrapper contracts earning passive yield.
issuer	issuer_operations, issuer_treasury	Stablecoin monetary infrastructure — minting, redemption, peg management.
treasury_or_governance	treasury, treasury_collector, governance	Protocol-controlled capital for governance, reserves, or fees.
cex	cex	Known exchange-controlled wallets (hot and cold). Not user deposit addresses.
burn	burn	Irrecoverable token sinks (dead/burn addresses).
unidentified_whale	unidentified_whale	Unlabeled addresses holding >= $10M total stablecoin balance that day. Recalculated daily.
unidentified	unidentified	Addresses with no known classification.

As label coverage expands, new values may be added in backward-compatible fashion.

Methodology

1. Start from daily rows in stablecoins_solana.balances.
2. Join curated Solana address labels to assign category, subcategory, and project metadata where available.
3. Derive is_whale (>= $10M total stablecoin balance) flag per address per day.
4. Apply the priority waterfall for unlabeled addresses to maintain complete coverage.

Category totals should be interpreted as “where balances sit” rather than ownership or liability accounting. Labels represent the best-known economic function of an address and can evolve as coverage improves.

Sample query

SELECT
    b.address_category
    , b.token_symbol
    , SUM(b.balance_usd) AS total_usd
FROM stablecoins_solana.balances_enriched AS b
WHERE b.day = CURRENT_DATE
    AND b.balance > 0
GROUP BY b.address_category, b.token_symbol
ORDER BY total_usd DESC

Notes

• For performance, filter by blockchain and day.
• Bridge balances are intentionally retained. Filter with address_category = 'bridge' to exclude them.

Interpreting balances vs circulating supply

• This table represents onchain balances, which is different from circulating supply.
• Bridge-locked funds are intentionally included in balances. For example, more than $4B USDT can appear in the Tether USDT0Adapter contract on Ethereum while representing circulating USDT0 on other chains.
• We are not subtracting bridge balances at this stage because exclusions are not objective across bridge designs, and some bridge-held balances represent liquidity for chains not covered elsewhere.
• Bridge exposure is directly analyzable with address_category = 'bridge'.
• We will continue to work toward a more reliable total supply measure.