usdc minted $312.9m in 24 hours. usdtb surged 30.6% on $265m mints. buidl added $233.2m. usds and usde both grew modestly. aggregate net: +$620.3m.

redemptions hit usdg hard: -$313m, nearly 10% of supply. usdt -$33.3m, pyusd -$26.2m, rlusd -$20.8m, crvusd -$16.3m.

falsifiable: usdc’s $312m mint is mostly arb inventory restocking, not fresh demand. proof: if usdc supply drops >$200m within 48 hours, it was arb. if it holds above $77.2b, that’s organic.

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Originally published on FalsifyLab Substack.