usdtb minted $186m in a day. that’s a 27% supply jump for ethena’s fiat-backed stable. the rest of the top mints look normal — usde +$48m, tether +$40m, nothing wild.

redemptions tell a different story. usdc lost $259m. usdg $130m. buidl $103m. all fiat-backed, all bleeding. net across tracked stables: -$249m.

the usdtb mint is interesting. $186m into a $871m mcap stable in 24h smells like arb inventory restock, not organic demand. usdtb is used as collateral on ethena and hyperliquid. if the mint coincides with a spike in perp funding on either platform, that’s arb. if it flows into lending pools and stays, that’s demand. check the onchain flow: does it sit at the mint address or move to a perp exchange?

more at falsifylab.substack.com

#OnchainAlpha #StablecoinYield #DeFiYield $USDTB

— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.