Stablecoin Liquidity

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Daily report on USDT / USDC supply changes, on-chain distribution, and burn / mint flows as a crypto market liquidity signal

Stablecoin Liquidity2026/05/31 21:23:17

Stablecoin liquidity daily (May 30–31): USDT burn decelerates 80%, Hyperliquid drain hits 7-day peak

The post-Deribit de-risking cycle showed its first clear deceleration on Day 3: USDT's 24-hour contraction dropped from −$483M to −$97.5M (an 80% reduction), USDC from −$321M to −$59.2M, and DAI flipped to +$15.2M net expansion — all three major stablecoins easing simultaneously. However, chain-level structural exits deepened in parallel: Hyperliquid USDC logged its worst single-day drain of the 7-day window at −$81M, Aptos USDC completed a near-halving (−41% over 7 days), and Avalanche's multi-day outflow continued. Polygon USDC reached Day 7 of consecutive inflows (+$361.8M cumulative) but momentum fell to +$2.7M — a 93% deceleration from Day 6. BTC held $73,807 with F&G improving to 28 (Fear) from 23 (Extreme Fear), while the BTC ETF 10-day outflow streak set a record at −$125M on May 29. The overall read: a deceleration signal, not a reversal signal.

Stablecoin Liquidity2026/05/30 21:24:02

Stablecoin liquidity daily (May 29–30): USDT Day 2 burn −$483M, USDC 7d trend holds negative, Polygon inflow at 6-day +$345M

For the second consecutive session Tether issued zero mints while Ethereum-side USDT burned another ~$731M, bringing the 24h aggregate contraction to −$483M and the 7-day total to −$1.243B. USDC's negative 7-day trend deepened to −0.87%, driven by a combined −$271M drain from Solana (Circle minting paused, Day 6) and Hyperliquid. Polygon USDC extended its systematic inflow run to a sixth consecutive day and a six-day cumulative +$345M. Starknet's May 28 drain confirmed as a one-time event. BTC held $73,614 with Fear & Greed at 23 Extreme Fear for a second straight day.

Stablecoin Liquidity2026/05/29 21:25:35

Stablecoin liquidity daily (May 28–29): Tether burns $808.7M, ETF selling crashes 70%, BTC sleeps through expiry

Tether destroyed $808.7M USDT in a single 23-hour window — Binance sent $500M directly to the burn address, Bitfinex routed $308.7M through an unknown-wallet conduit — with zero offsetting mints anywhere on-chain. USDC's 7-day trend flipped negative (−1.14%) for the first time in weeks. Yet the sell-side showed clear fatigue: BTC ETF outflows on Day 10 dropped 70% to −$223.3M with ARKB and BITB recording zero, extending the record 10-day streak to −$3.09B cumulative. Deribit's $6.6B BTC options expiry settled at $73,148 and produced no directional follow-through. The market is neither recovering nor breaking — it is draining to equilibrium, with Polygon USDC (+6.66%) the only meaningful counter-signal.

Stablecoin Liquidity2026/05/28 21:28:59

Stablecoin liquidity daily (May 27–28): Tether's 19-day silence breaks as chain rotation, BTC pins at $73,251 Deribit expiry level

Tether Treasury broke its 19-day silence with a Solana-burn / Ethereum-mint rotation (net −$60M), not new issuance — the dominant stablecoin channel remains in net contraction. The synchronized Sui/Aptos/Stellar USDC drain (~$800M cumulative over 4 days) has effectively stopped, but Hyperliquid L1 USDC accelerated sharply to −$100.3M (−1.55%, ~3× the prior day). BTC fell to $73,243, which is effectively identical to Deribit's May 29 delivery price of $73,251 — consistent with pre-expiry pinning behavior ahead of Friday's $6.6B options settlement. IBIT posted its worst-ever single-day outflow at −$527.8M, bringing the 9-day ETF outflow streak total to approximately −$2.87B. Fear & Greed fell to 22, a new series low.

Stablecoin Liquidity2026/05/27 22:02:45

Stablecoin liquidity daily (May 26–27): Sui/Aptos drain enters Day 3, Stellar joins, Tether hits 18-day silence

A synchronized USDC drain across Sui, Aptos, and Stellar shed ~$692M in 24 hours with no official explanation — Sui and Aptos each entered Day 3 of the drain at an unchanged rate, and Stellar appeared for the first time at the same magnitude. Tether Treasury extended its silence to 18 days (a series record), while Circle’s Solana mint sprint decelerated from 3×/day to 1×/day. Arbitrum (+$171.8M) and Polygon (+$221.8M) absorbed inflows at near-identical rates for a second straight day. BTC fell back to $74,805, Fear & Greed dropped to 25 (Extreme Fear), and BTC ETF outflows hit Day 8.

Stablecoin Liquidity2026/05/26 21:25:35

Stablecoin liquidity daily (May 25–26): Circle Solana mint resumes, Arbitrum USDC +$116M, Sui drains $103M

Circle resumes Solana mint after 4-day pause; Arbitrum USDC reverses +$116M; Sui USDC loses $103M; Tether ~16d silent

Stablecoin Liquidity2026/05/26 02:10:27

Stablecoin liquidity daily (May 24–25): Solana USDT reverses, Arbitrum USDC sheds $68M, issuers stay quiet at day 15

The May 24–25 window (~32.6 hours) shows aggregate stablecoin supply essentially flat — USDT −$88M, USDC −$7M, DAI +$15M — while cross-chain rotation dominates: Solana USDT reversed a prior −$132M drain (+$60M, +2.52%); Arbitrum USDC posted the window's largest single-chain outflow (−$68M, −3.04%); and Hyperliquid USDC extended its structural expansion to $6.505B (+24.77% 7d). Both Tether Treasury (~15 days) and Circle's Solana mint program (day 3) remain silent. Market context references the prior May 24 checkpoint (BTC ~$77,009, ETH ~$2,117, Fear & Greed 25 Extreme Fear); real-time market data was unavailable this session.

Stablecoin Liquidity2026/05/24 21:25:18

Stablecoin liquidity daily (May 23–24): both issuers silent as BTC triggers $900M two-way liquidation

The May 23–24 window is defined by simultaneous issuer silence — Tether Treasury at ~14 days without net issuance (longest in the tracked series), Circle's USDC Treasury at 2 consecutive days with no mint or burn. The on-chain event set was minimal: Aave USDC yield cycle #6 (~$128.5M round-trip, net zero), an OKEX unidirectional $308M USDT outflow to an unlabeled address (combined BTC+USDT ~$463M out in 24h), and Solana USDT shedding −5.55% (~$132M). Meanwhile the market absorbed a $700M–928M two-phase liquidation event: BTC dropped to $74,300 on Treasury yield pressure and ETF outflows, then bounced $2,700 in under an hour on Trump's announced Iran peace deal, squeezing ~$180M in shorts in 30 minutes. Alternative.me Fear & Greed crossed into Extreme Fear (25).

Stablecoin Liquidity2026/05/23 21:23:09

Stablecoin liquidity daily (May 22–23): record 401M USDC burn as Tether stays silent for 11+ days

The May 22–23 window produced the largest single-session USDC issuer burn in tracked history (401M on Ethereum), partially offset by Circle's resumed 250M Solana mint for a net −151M USDC contraction. Tether Treasury executed a supply-neutral 140M chain swap while extending its net-issuance silence to ~11–12 days. All three stablecoins declined as BTC dropped 3.7% to ~$74,600, ETH broke the $2,100 support zone, and $574–578M in liquidations hit ~90% long positions — with Hyperliquid L1 USDC (+10.49%) as the single growth outlier.

Stablecoin Liquidity2026/05/22 21:30:39

Stablecoin liquidity daily (May 21–22): Circle's Solana mint resumes as Spark absorbs $980M USDT in 48 hours

All three major stablecoins ended the extended ~28.25-hour window essentially unchanged, but the session featured heavy gross flows: Circle resumed its Solana USDC mint program with a 250M mint after a one-day pause, Spark Protocol absorbed ~$980M USDT across three HTX/unknown tranches over 48 hours (while the prior day's unresolved 500M exit remains in an unknown wallet), and BTC perpetual funding rates flipped negative again within 24 hours of ending a 67-day negative streak. US spot Bitcoin ETF outflows extended to 5 consecutive days (~$1.63B cumulative) but are decelerating sharply. Short-side liquidations dominated for a second consecutive day ($175.47M, 61.3% of $286.29M total).

Stablecoin Liquidity2026/05/21 21:44:24

Stablecoin liquidity daily (May 20–21): Circle's Solana streak breaks on day 7 as BTC funding flips positive

All three major stablecoins ended the 23.25-hour window flat — USDT at $189.665B, USDC at $77.03B, DAI at $4.596B — while two structural breaks stand out: Circle's six-day consecutive Solana daily-mint cadence ended with zero mints on May 21 (after a double-mint on May 20 totaling $500M), and BTC's 67-day negative perpetual funding streak ended, flipping to positive. Spark Protocol received 400M USDT back after the prior day's 890M outflow, though the unresolved 500M in an unlabeled wallet remains the key variable to track.

Stablecoin Liquidity2026/05/20 21:45:10

Stablecoin liquidity daily (May 19–20): 890M USDT exits Spark as Circle logs 6th straight Solana mint

Spark Protocol routed 890M USDT out in ~7 hours on May 20 — 500M to an unlabeled wallet and 390M directly to HTX exchange — the largest single-protocol USDT outflow across all tracked windows. Circle extended its Solana daily mint streak to 6 confirmed days (250M USDC), yet USDC's 7-day supply is still down $520M as redemptions absorb new issuance. Tether Treasury remained silent. BTC held near $77,456 on fragile price action with declining open interest and a 67-day negative funding streak, while Fear & Greed diverged: 25 (Extreme Fear, alternative.me) vs. 40 (Neutral, CMC).