$BUIDL minted $134.5M in 24h. $USDC added $128.2M. $USDD $92.1M. $PUSD $35.2M. $PYUSD $16.2M.
$USDE redeemed $166.6M. $USDM $51.8M. $USDS $26.2M. $RLUSD $15.7M. $USDGO $12.0M.
net aggregate $+139.9M. stablecoin supply expanding, but the composition tells a story.
$BUIDL and $USDC mints are the cleanest signal. $BUIDL up 4.4% in a day, $USDC up 0.18%. both are fiat-backed, institutional-grade. when these two lead the mint table, it's usually fresh capital entering onchain, not just arb inventory being restocked.
$USDD and $PUSD mints look different. $USDD up 6.5%, $PUSD up 6.04%. both are crypto-backed and smaller cap. these spikes often reflect specific use cases. $PUSD likely tied to polymarket activity. $USDD could be tron ecosystem flows. harder to read as broad demand.
the redemption side is dominated by $USDE. $166.6M redeemed in 24h, 3.8% of supply. that's a meaningful outflow for a yield-bearing stablecoin. $USDM got hit even harder proportionally, down 17.65%. both are crypto-backed yield products. when capital rotates out of these into fiat-backed stables, it suggests a shift toward safety or a pause in chasing yield.
the falsifiable line: if $BUIDL and $USDC mints continue outpacing $USDE redemptions for another 3 days, it signals fresh capital entering onchain, not just a rotation from yield to safety. if $USDE supply stabilizes and $BUIDL mints slow, it was just repositioning.
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Originally published on FalsifyLab Substack.