Stablecoins just had the two biggest weekly drops since the Terra collapse, back to back: -$4.58B, then -$4.86B, per DefiLlama.
Supply is down to $290.8B, the lowest since September 2025.
But the drain isn't spread evenly.
~Since Oct 28: Ethereum -$7.3B, Solana -$0.7B, Tron -$0.3B, BNB Chain +$0.1B
~Tether burned $4B of $USDT on Ethereum on Nov 2, in two $2B redeems
~Its last Ethereum mint was April 23. It has burned about $14.8B there since
~30 days: USDS -20%, USD1 -20%, BUIDL -20%, while USDe +4% and RLUSD +10%
That's a pretty interesting split.
Tron is 98% USDT and the main payments rail. It barely moved. BNB Chain even grew after the Binance hack.
My read is this isn't retail leaving crypto. It's large holders and DeFi treasuries redeeming on Ethereum, where the yield math stopped working.
But Ethereum is also where most big redemptions settle, so some of this money may have come from other chains first.
What turns the flow back: a Fed cut, or onchain yield that beats T-bills again?
Supply is down to $290.8B, the lowest since September 2025.
But the drain isn't spread evenly.
~Since Oct 28: Ethereum -$7.3B, Solana -$0.7B, Tron -$0.3B, BNB Chain +$0.1B
~Tether burned $4B of $USDT on Ethereum on Nov 2, in two $2B redeems
~Its last Ethereum mint was April 23. It has burned about $14.8B there since
~30 days: USDS -20%, USD1 -20%, BUIDL -20%, while USDe +4% and RLUSD +10%
That's a pretty interesting split.
Tron is 98% USDT and the main payments rail. It barely moved. BNB Chain even grew after the Binance hack.
My read is this isn't retail leaving crypto. It's large holders and DeFi treasuries redeeming on Ethereum, where the yield math stopped working.
But Ethereum is also where most big redemptions settle, so some of this money may have come from other chains first.
What turns the flow back: a Fed cut, or onchain yield that beats T-bills again?
