usde mints +$3.4m today, usdtb +$514k, usdf +$295k, buidl +$227k, usd0 -$300k (only negative in top mints, barely). top redemptions: usdt -$295.7m, usdc -$175.8m, usdai -$80.4m, usds -$68.7m, usdg -$56.9m. aggregate net -$966.5m across tracked stables.

usde mint looks like arb inventory restock. sUSDe yields are sticky, but $3.4m on a $4.5b base is 0.08% — noise. what would prove it’s fresh demand? if sUSDe supply grows faster than USDe, meaning users are staking not dumping into perp pairs. check the sUSDe/USDe ratio delta tomorrow.

more at falsifylab.com #OnchainAlpha #StablecoinYield #DeFiYield $USDE

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Originally published on FalsifyLab Substack.