usdc minted 142m. usd1 added 92m. usdg printed 41m. usdgo grew 25m. pyusd expanded 21m. all fiat-backed. all positive.

meanwhile tether shed 112m. usds redeemed 33m. apxusd lost 18m. rlusd down 17m. usdd bled 10m. crypto-backed names dominated the outflow side.

net aggregate delta across tracked stables: +105.5m. not huge. not trivial. the composition matters more than the headline.

usdc and usd1 together account for 234m of the mint side. usdc is the default onramp for institutional arb flow. usd1 is a newer entrant, still building liquidity. the question is whether this usd1 mint is fresh demand entering defi or just a market maker rotating inventory from usdt to usd1 for better yield on a specific pool.

if usd1 supply retraces sharply within 48h without a corresponding usdt mint, it was likely transient arb inventory. if it holds and grows, someone is building a position. watch the curve and uniswap usd1 pools for volume asymmetry. that tells the story.

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Originally published on FalsifyLab Substack.