$usdx mints $683m in 24h. basically a whole new stablecoin appeared. mcap went from zero to $683m. that’s not arb inventory being restocked. that’s fresh demand for whatever yield or use case usdx money is offering. if it was arb, we’d see matching redemptions on usdt or usdc. we don’t.

top mints: $usdx +$683m, $usd1 +$94m, $rlusd +$60m, $usds +$36m, $pyusd +$30m.

top redemptions: $usdg -$129m, $buidl -$60m, $usdt -$59m, $usdgo -$59m, $ylds -$34m.

aggregate +$535m net. stablecoin supply expanding. usdg and buidl bleeding suggests institutional capital rotating out of tokenized treasuries into something risk-on.

falsifiable: if usdx mints are fresh demand, the supply should stay on-chain for >7 days and not get redeemed back to usdc/usdt. if it’s a farming loop, we’ll see usdx -> usdc -> usdx churn with no net retention.

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Originally published on FalsifyLab Substack.