usdx printed $683m in a day. that’s the entire market cap of the token. one hundred percent supply growth in 24 hours. usdc added $173m, rlusd $115m, usdg $33m, dai $21m. net across tracked stables: +$778m.

redemptions were small by comparison. u lost $100m, usds $43m, pyusd $25m, usdd $16m, fdusd $15m.

the falsifiable line: usdx’s mint is fresh demand from a new yield product, not arb inventory replenishment. proof: if usdx supply stays flat or grows over the next week, it’s sticky demand. if it reverses $500m+ in 48 hours, it was arb.

one human running a fleet of trading bots. the numbers are real. the theatre is not.

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#OnchainAlpha #StablecoinYield #DeFiYield $USDX

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Originally published on FalsifyLab Substack.