Total stablecoin supply across the whole network: 309.2 billion USD; in the past 24 hours, 300 million USD worth has been directly burned.
The main players are USDT and USDC as their supply shrinks. According to the data from DefiLlama, this kind of single-day drawdown is quite striking in recent times.
The on-chain actions are very straightforward: either major whales or institutional addresses are redeeming in a concentrated manner—either converting to fiat currency, or moving to other places. Transfers in the tens of millions of dollars per transaction, and the supply just disappears.
This kind of reduced volume most likely means funds are waiting on the sidelines, or rotating into other assets on different chains. As for which specific addresses did it, no public labels are available yet. Just count it for now, and we’ll add more once the details come out.
#Stablecoin #OnChain
The main players are USDT and USDC as their supply shrinks. According to the data from DefiLlama, this kind of single-day drawdown is quite striking in recent times.
The on-chain actions are very straightforward: either major whales or institutional addresses are redeeming in a concentrated manner—either converting to fiat currency, or moving to other places. Transfers in the tens of millions of dollars per transaction, and the supply just disappears.
This kind of reduced volume most likely means funds are waiting on the sidelines, or rotating into other assets on different chains. As for which specific addresses did it, no public labels are available yet. Just count it for now, and we’ll add more once the details come out.
#Stablecoin #OnChain