daily stablecoin supply delta. may 25.

top mints: usdd +9.6m (+0.63%) dai +5.7m (+0.12%) usde +5.3m (+0.12%) crvusd +4.4m (+1.87%) rwausdi +3.3m (+1.01%)

top redemptions: usdt -87.9m (-0.05%) usdc -37.0m (-0.05%) rlusd -15.0m (-0.85%) usdm -500k (-0.21%) ylds -306k (-0.06%)

aggregate: -106.5m net.

falsifiable: usdd’s +9.6m mint is arb inventory replenishment, not fresh demand. proof: if usdd peg trades below $0.997 on tron within 48 hours, it’s arb. if it holds $1.00+ with volume, it’s demand.

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Originally published on FalsifyLab Substack.