#usd1稳定币两周市值减少超4亿美元
$4 billion in stablecoins—down $400 million in two weeks.
▪️ $4.444 billion on 10/5 → $4.043 billion on 10/19, a drop of exactly $401 million
▪️ Peak of $4.469 billion on 10/7; since then, down $426 million, or 9.5%
▪️ Two waves: down $151 million from 10/7 to 10/9, and $162 million from 10/14 to 10/17
▪️ Of the $4 billion, 98.8% is on three chains: Ethereum $1.405 billion, Solana $1.398 billion, and BSC $1.192 billion
The debate isn’t about how much is shrinking, but which chain this $400 million is leaving. The three chains are almost evenly split—the gap between the largest and smallest is just $213 million, and the top two are only $7 million apart.
You can tell where a stablecoin has grown by where it has a stronghold: USDT is concentrated on one chain, USDC on another. USD1 has no home chain; it’s split equally across all three. Its volume didn’t grow out of any one chain’s ecosystem—it was built through distribution. And when redemptions come, that distributed volume leaves all at once.
$4.043 billion is 2.2% of USDT’s supply and 5.6% of USDC’s.
The signal is in the cross-chain distribution: if one chain declines faster in the next contraction, that points to a problem with demand on that chain. If all three decline in sync, it’s a total-supply issue.
Watch three things:
① Can it get back to $4.2 billion by the end of October?
② Will the gap between the three chains’ shares widen to 5 percentage points?
③ Will new minting follow the redemptions?
When supply shrinks, do you read it as an exit or a rotation?
$BTC
$4 billion in stablecoins—down $400 million in two weeks.
▪️ $4.444 billion on 10/5 → $4.043 billion on 10/19, a drop of exactly $401 million
▪️ Peak of $4.469 billion on 10/7; since then, down $426 million, or 9.5%
▪️ Two waves: down $151 million from 10/7 to 10/9, and $162 million from 10/14 to 10/17
▪️ Of the $4 billion, 98.8% is on three chains: Ethereum $1.405 billion, Solana $1.398 billion, and BSC $1.192 billion
The debate isn’t about how much is shrinking, but which chain this $400 million is leaving. The three chains are almost evenly split—the gap between the largest and smallest is just $213 million, and the top two are only $7 million apart.
You can tell where a stablecoin has grown by where it has a stronghold: USDT is concentrated on one chain, USDC on another. USD1 has no home chain; it’s split equally across all three. Its volume didn’t grow out of any one chain’s ecosystem—it was built through distribution. And when redemptions come, that distributed volume leaves all at once.
$4.043 billion is 2.2% of USDT’s supply and 5.6% of USDC’s.
The signal is in the cross-chain distribution: if one chain declines faster in the next contraction, that points to a problem with demand on that chain. If all three decline in sync, it’s a total-supply issue.
Watch three things:
① Can it get back to $4.2 billion by the end of October?
② Will the gap between the three chains’ shares widen to 5 percentage points?
③ Will new minting follow the redemptions?
When supply shrinks, do you read it as an exit or a rotation?
$BTC