usdc minting +80m. usde +14m. cash +1.7m. moveusd +930k. rwausdi +340k.

usdt burning -140m. usdtb -50m. u -50m. usds -43.2m. usdf -34.8m.

aggregate net -420m. another contraction day.

the usde mint is interesting. +14m while usdtb bleeds -50m. ethena users swapping out of the fiat-backed product back into the crypto-backed one. that’s arb inventory replenishment, not fresh demand. prove it by checking if usde’s funding rate flipped positive on hyperliquid or dydx in the same window. if funding stayed flat or negative, the mint was organic.

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Originally published on FalsifyLab Substack.