This week, USDC’s circulating supply decreased by about $1.22 billion—the largest change among all dollar-pegged stablecoins.
According to DefiLlama data (as of Beijing time Sunday noon):
· USDC: On 9/25 it was still at 76.4B; then it fell for seven consecutive days to 74.1B. In the past two days it has ticked up slightly to 74.2B, for a cumulative drop of about 2.2B.
· USDT: +0.27B for the week, to 184.0B
· Falcon’s USDf +0.32B and Sky’s USDS +0.26B—together they’re even more than USDT
· BlackRock’s tokenized fund BUIDL +0.13B, and PayPal’s PYUSD +0.11B
Excluding the few stablecoins newly added to the table this week (their “increment” is just newly listed), the total amount of dollar stablecoins was basically flat week-over-week, around -$0.15B.
The 30-day data I shared on 10/2 showed net growth of $5.3B; growth has stopped this week—and the stop is centered on USDC.
USDC redemptions are usually related to funding logistics from institutions and exchanges in the U.S.; USDT issuance is more tied to demand for Asia and on-chain trading. This week, the two trends moved in opposite directions.
Do you think USDC’s outflows this week mean funds exited the market, or that they’re being converted into other stablecoins?
According to DefiLlama data (as of Beijing time Sunday noon):
· USDC: On 9/25 it was still at 76.4B; then it fell for seven consecutive days to 74.1B. In the past two days it has ticked up slightly to 74.2B, for a cumulative drop of about 2.2B.
· USDT: +0.27B for the week, to 184.0B
· Falcon’s USDf +0.32B and Sky’s USDS +0.26B—together they’re even more than USDT
· BlackRock’s tokenized fund BUIDL +0.13B, and PayPal’s PYUSD +0.11B
Excluding the few stablecoins newly added to the table this week (their “increment” is just newly listed), the total amount of dollar stablecoins was basically flat week-over-week, around -$0.15B.
The 30-day data I shared on 10/2 showed net growth of $5.3B; growth has stopped this week—and the stop is centered on USDC.
USDC redemptions are usually related to funding logistics from institutions and exchanges in the U.S.; USDT issuance is more tied to demand for Asia and on-chain trading. This week, the two trends moved in opposite directions.
Do you think USDC’s outflows this week mean funds exited the market, or that they’re being converted into other stablecoins?
