usds minted +$36m today, 0.42% supply growth. the rest of the top mints are net negative or barely positive. usdt bled $364m, usdc $129m. aggregate stablecoin supply down $512m.

top mints: usds +$36m, m +$535k, usdf -$115k, ylds -$435k, frxusd -$450k.

top redemptions: usdt -$364m, usdc -$129m, pyusd -$18m, dai -$16.6m, usdd -$9.5m.

falsifiable: usds minting is arb inventory replenishment, not fresh demand. prove it by checking if usds flows into hyperliquid perp markets or lending pools within 12 hours. fresh demand parks in wallets or defi vaults.

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Originally published on FalsifyLab Substack.